Bitcoin Drops Below 6000 USD Mark, As Crypto World Undergoes Red Day

By Rishma Banerjee

Though the specific cause is uncertain, it was more or less a red day for the crypto world today. Most top cryptocurrencies took a hit for the worse, with some even falling by 20% in the last day.

Bitcoin, the most popular and widely accepted cryptocurrency, in today’s world has dropped below the 6000 USD mark and has fallen by 7.52% in the last 24 hours, to presently trade at 5742 USD, at press time. This is a sudden change in the characteristic of BTC, as it is generally considered to be a stable crypto asset even though its price moves so much. BTC’s 30-days volatility has dropped to levels which have not been any lower since December of 2016.

 

The general consensus is that bitcoin’s support slightly below the 6000 USD mark has been able to hold for quite a number of times, this year, and thus will be able to withstand this. Its Relative Strength Index (RSI) is currently in the oversold zone which is prompting experts to believe that the cryptocurrency will soon have a revival. This unforeseen dip has resulted in BTC reaching its lowest price since the July of this year.

Other cryptocurrencies like Ethereum, EOS, Monero, Litecoin, and Zcash are also not faring well, and have had drops in prices ranging from 12% to 16% so much so, that the market has incurred a loss of about 11 billion USD, in only a few hours. However, the worse condition was that of Bitcoin Cash, who had seen a tremendous upward surge due to its impending hard fork on 15th November. BCH has gained and lost 50% of its value in just a few days, when it went from 425 USD to 640 USD, and is now back at 420 USD at press time.