In the last couple of months, cryptocurrencies, in general, have suffered greatly from unprecedented and drastic fall in price. As at December 2017, the top cryptocurrencies all experienced a massive rise in price with the leading crypto Bitcoin reaching its all-time high of $19,000. The year 2018 has proven to be bad with over $200 billion lost in the market value. As at June 20, 2018, the total crypto market value was $284 billion meaning that about $10 billion was lost in less than 24 hours. The leading crypto Bitcoin also saw a 2.5% fall in price to finish at $6,663. This drastic fall in price is coming after the crypto experienced its highest rise for the week finishing at $6,800. In less than 48 hours the crypto has lost over $237 and this has greatly affected the entire crypto market.
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Another top coin Ethereum (ETH) also experienced a 2.5% fall in price finishing at $523. This slight increase according to several experts is a good move for the crypto as it is still above the $500 mark. In less than 48 hours, this leading altcoin experienced a fall in price that had it fall below the $500 mark finishing at $484, but in less than 10 hours the altcoin experienced an increase. This crypto since its inception in 2014 has gone on to become one of the top coins to be reckoned with and this is because of the amazing features that it comes with. Unlike some that have been developed and launched before it, this crypto platform is a pacesetter, it does not in any way look like the Bitcoin network like others, it is unique on its one and this is why experts and various predictions websites have clearly stated that this crypto would experience an unprecedented rise in price. While we wait that time to come, right now the crypto is struggling to maintain the $500 mark it has struggled over the years to get to.
CoinMarketCap has clearly reported that the top cryptocurrencies in the world all experienced a fall in price ranging from as low as 1% to 8%. IOTA's MIOTA token happens to be the highest loser for the week, it experienced a 7.15% fall in price to finish at exactly $1.14. While the cause of this drastic crypto market fall has not been known, some are of the opinion that the Bithumb hack earlier this week is the major cause. You will remember clearly that the crypto exchange which at the time of the hack happens to be the sixth largest in the world based on trading. According to experts, this exchange hack greatly affected the crypto market as most traders became scared. You will also remember that the Coinrail exchange was also hacked this month as well, these two attacks might be the cause for this fall in general crypto market.
With the fall in price, most experts have stated that Bitcoin and altcoins might go extinct in the coming years if it continues this way.
