The value of bitcoin, the most popular cryptocurrency, fell to its lowest level in a year, hovering around $ 4,000, while cryptocurrency in Nigeria dropped to N1.08 billion. in 24 hours a day.
A panicked market saw not only the value of bitcoin but other cryptocurrencies shed millions across board. Data from Coin telegraph’s price tracker, Coin360, CoinMarketCap, and Bitcointicker captured frenetic activity into Tuesday as BTC/USD dropped up to 17 per cent, at one point reaching $4,237.
Analysts believe that if the value of cryptocurrency, which once sold at nearly $ 20,000 in December 2017, exceeds the $ 4,000 border, it could plummet to $ 3,000. As regulators on the Nigerian market warned against the cryptocurrency market and the value dropped, the volume of bitcoins traded in the country declined.
From a high of N2.07 billion in December 2017, the volume of bitcoin trading in the country has declined, albeit at a slow pace, moving alongside the price depreciation of the cryptocurrency. The volume, however, dipped to N1.08 billion last week, the lowest since September 2017.
Bitcoin’s daily losses currently stand at 15.5 per cent after a correction to around $ 4,500, while the situation remains very volatile as the pair tests new levels of resistance. The events mark the persistence of unstable conditions triggered on November 15 when Altcoin Bitcoin Cash (BCH) experienced a contentious hard fork, which has since resulted in the emergence of two separate competing chains.
While BCH initially held much of its value, investors took a turning point after 24 hours, with BCH / USD losing nearly 40% to test support at $ 200. While BCH was firmly in the lead as the worst performer of the top 20 cryptography assets, others also suffered heavy losses.
Ethereum (ETH) significantly widened its gap in market cap with Ripple (XRP), cementing its position as now the third-largest cryptocurrency. ETH/USD daily losses were circling 15 percent at press time, compared with XRP/USD’s 6.2 percent.
Elsewhere, several cryptography assets lost more than 17% on the day, while Tezos (XTZ) and Binance Coin (BNB) lost nearly 20%. Even Stablecoin Tether (USDT) is currently down about 2% over a 24-hour period.
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