Ethereum Price Drops Below $100 While Bitcoin Cash Hits All-Time Low
Ethereum (ETH) struck a new eighteen-month low on Thursday as the crypto market continued its end of year slump. The global market cap fell to $117 billion before a slight rebound, just $2 billion shy of the yearly low.
The original Bitcoin once again fell to the $3,600 range, but it was the old hardfork, Bitcoin Cash (BCH/ABC), which took the biggest hit on Thursday, losing 17.2% and falling to an all-time low of $117.
Bitcoin Cash Price – BCH/USD
BCH had been striking new all-time lows ever since it crossed the $200 boundary in late November. Even if we assume that Craig Wright’s Satoshi Vision (BSV) fork took a portion of the BCH value, adding the two coins together still leaves Bitcoin Cash barely above the $200 range overall.
From Wednesday into Thursday, Bitcoin Cash continued to fall after the Asian markets closed and sunk 17.2% by Thursday afternoon. From the starting price of $141.78, BCH fell down to $117.32 by around 15:00 UTC.
The weekly losses stand at 37.4% for BCH, and trade volumes have doubled in that time from $60 million to $120 million, as traders attempt to capitalize on a moving asset. Upbit’s BCH/KRW trade is the highest single point of exchange, accounting for close to 15% of the daily total.
Ethereum Price – ETH/USD
Ethereum fell to a new nineteen-month low, hitting the $97.73 valuation not seen since early May of 2018. From the twenty-four hour starting price of $107.83, ETH sunk 9.3% on Thursday – a loss rate only matched by BCH, Stellar (XLM) and Cardano (ADA) out of the major altcoins.
Ethereum’s losses are still out of proportion compared with the major alts, losing more than XRP and Bitcoin over the last week. Even Stellar and Cardano’s losses are tempered by the gains both coins made in the last few days.
As it stands, ETH is down 19% against the dollar for the week, while monthly losses stand at 55%. Skepticism surrounds Ethereum perhaps more than other coins at the moment, and that won’t be helped by more ICO treasuries being emptied, and more DApps and projects leaving the Ethereum platform.
BitGuild Abandons Ethereum for TRON
TRON (TRX) founder and CEO, Justin Sun, would have been delighted to retweet today’s news that blockchain gaming company, BitGuild, will be departing Ethereum for TRON’s own blockchain network.
Producers of the Bitizens game, the BitGuild platform will be offline for the immediate future as the changeover is implemented. According to today’s tweet:
“We hope you understand that this endeavor will ultimately lead to a better, stronger and more vibrant future for BitGuild and its community.”
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.
Featured image courtesy of Shutterstock.