RATE Group | Crypto Loses $6 Billion in Big Downtrend, is $3,000 Bitcoin Unavoidable?
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Crypto Loses $6 Billion in Big Downtrend, is $3,000 Bitcoin Unavoidable?

06 Dec Crypto Loses $6 Billion in Big Downtrend, is $3,000 Bitcoin Unavoidable?

Posted at 05:07h in Cryptocurrency News by

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Within a 48-hour span, since December 5, the Bitcoin price has dropped from $3,913 to $3,678, by just about six percent.

Other major cryptocurrencies like Ethereum (ETH) and Stellar (XLM) have declined by more than 10 percent in the past two days. The Ethereum price has dropped from $112 to $101 while the Stellar price has declined from $0.15 to $0.13, by over 13 percent.

In the past 12 hours, the crypto market as a whole lost about $6 billion of its valuation as tokens lost on average around 10 to 20 percent of their value against the U.S. dollar.

Waves, Maker, Aion, Chainlink, and Theta, which performed significantly better than most of the small market cap ERC20 tokens in the global market, recorded steep sell-offs on the day.

Is $3,000 Bitcoin Unavoidable

On November 25, the price of Bitcoin (BTC) plunged to its yearly low at $3,456 as bears began to fuel one of the strongest sell-offs in all of 2018.

Prior to that, in October, prominent cryptocurrency analyst Willy Woo…

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