Bitcoin Price Hits $3,800; Stellar (XLM) Loses 22% In A Day As Decline Continues
The global crypto market plunged a further 12% on Saturday night, as the total cap fell to $124 billion – a level not seen since September 2017.
Bitcoin sunk below $4,000 for the first time in the same period, hitting $3,819 on the BTC/USDT market. The market fluctuation did also affect Tether however, so the true U.S dollar figure might be slightly higher. Yet even the BitMEX BTC/USD price fell to a low of $3,686.
Meanwhile, Stellar (XLM) took the worst hit out of the major altcoins, plunging 22.4% on across Saturday alone.
Stellar Price Hits 11-Month Low
The XLM valuation had actually held firm for most of the year, and maintained its 2018 levels while Ethereum and the alts fell to yearly lows back in Q3. With today’s fall to December 2017 prices, XLM is only a month away from its own yearly low.
The coin price fell 22.4% on Saturday, from a coin price of $0.184994 down to $0.143500. Most of the losses came within a ninety minute window, when Bitcoin fell first and then the altcoins followed.
Stellar is now down 41% over seven days, and 47% over twelve days. The coin price has fallen 84% since January’s all-time high – still some way off the +90% retracement many are predicting for the overall market.
Within around ninety minutes the BTC price plunged from the $4,400 level down to a new fifteen month low of $3,819 – a fall of 13.4%. Taking the BitMEX BTC/USD figures would show the losses to be even greater at 16%.
Six of the top ten BTC trades for Saturday were against USDT, and the sheer volume passing through Tether’s virtual vaults was enough to send the USDT valuation back down to the $0.96 level.
BTC is down 32% for the week, and 41% over the last two and half weeks, matching the scale of the losses experienced by the altcoin market.
This time last week, TRON (TRX) was valued at over a billion dollars. Now its valuation is down around the $700 million range. Other altcoins surrounding TRON have also lost their billionaire cards in the last few weeks, with NEO (NEO), NEM (XEM), IOTA (MIOTA), Dash (DASH), Cardano (ADA) and Monero (XMR) also losing their billion dollar status.
The freefall continues with no end in sight. Optimists continue to point to Bakkt as the catalyst that will halt the decline, but with the Bakkt launch postponed until January, there’s still two months for the crypto market to shed its puppy fat before the big date.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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