In the last 24 hours, many leading cryptocurrency markets have broken down to post new lows for 2018. The bloodshed has seen BCH fall below $100 for the first time ever, while the market cap of ETH has fallen below $10 billion for the first time in over a year. The total capitalization of the combined cryptocurrency markets appears on the verge of testing $100 billion, currently sitting at $107.5 billion.
BTC Posts New Low for 2018
BTC has broken below support at the local low at approximately $3,500, posting a new low for 2018 of $3,300 on Bitstamp and $3,370 on Bitfinex, at roughly 10 p.m. EST. BTC currently has a market cap of approximately $59.5 billion.
The dump has also coincided with a drop in the spread between the prices on USDT and USD exchanges, with the spread between BTC markets on Bitfinex and Bitstamp currently at approximately 2%.
BTC has fallen approximately 83% when compared with the all-time highs of nearly $20,000 posted nearly 12 months ago.
BCH Dips Below Double Figures For First Time
BCH has dropped below $100 for the first time ever, trading as low as $96 on Kraken.
The sustained bearish action of recent weeks has seen the market capitalization of BCH fall below $1.8 billion, currently ranking it as the seventh largest cryptocurrency. As of this writing, BCH has shed 97% of its value when compared with its all-time high of roughly $4,000 during Dec.