Bitcoin, the world’s largest cryptocurrency by market capitalization, has once again hit a fresh 2018 low amid a greater crypto market sell-off.
The slow selloff that has been happening all week has accelerated today as crypto markets crash to their lowest levels of 2018. Over 12% has been dumped resulting in a $15 billion plunge to below $110 billion market capitalization, a new low for the year.
Bitcoin traded at $3,367.50 as of 2:30 p.m. HK/SIN (1:30 a.m. ET on Friday), falling 11.32 percent over the last 24 hours, according to data from industry site Coindesk.
The top 10 coins are not left out, XRP lost 10%, Ethereum 15%, Stellar close to 16% and Bitcoin Cash 12%.
EOS is the worst performer of the top 10 with a loss of 21%. Bitcoin SV, the Bitcoin Cash fork, is performing surprisingly good, gaining 17%.
The only survivor in the top twenty at the moment is Dogecoin because it has only lost 4%. Binance Coin, Dash, and Ethereum Classic are close to dropping 20% on the day, Neo and Zcash not far behind.
One analyst told CNBC via email that the cryptocurrency market “definitely seems to be suffering.”
“The market is in a general bearish trend that doesn’t seem to be letting up driven by what seems to be a general negative sentiment towards crypto,” said Zennon Kapron, director at financial technology consultancy Kapronasia. “As the market is heavily retail driven, it’s very much at the mercy of group sentiment which causes huge swings.”