Crypto Market Sees Bloody Thursday, Will Bitcoin Break Below $6k?

The past 24 hours haven’t been a nice period for the crypto market, with a great majority of the cryptocurrencies shedding off a significant fraction of their market value. In fact, all of the top 100 cryptos currently in the market have experience a slump, and 19 of the top 20 cryptos have been hit hard.

Of the top 20, Tether (USDT) is the only cryptocurrency that hasn’t been hit so hard.
However, all eyes are on Bitcoin (BTC) as the top cryptocurrency struggles to stay within the $6,300 range, but the past 24 hours have seen its value drop below the mark to hang around $6,200.

Ethereum (ETH), being the second biggest crypto by market cap, is struggling to stay within the $200 range, with a slight to and fro swinging between the two upper and lower ranges.

Interestingly, this surprise market event is happening just as Bitcoin was surging and reaching the $6,600 mark. Within 24 hours, the crypto has already shed off close to 5% of its previous market value, effectively taking away its cumulative monthly gain.

But Bitcoin’s situation looks better off compared to what Ethereum is going through. ETH has lost over 10% of its previous market value over the last 24 hours, and the figure still looks set to dip further as the market spirals down on a bearish trend. However, the market slump is yet to erode ETH’s monthly gain. The crypto is still up by 12%.

Ripple is one of the worst hit. XRP has lost more than 14% of its previous market value in just a day. The crypto has been on a bear chase for the better part of the week, and its cumulative weekly loss adds up to a baffling 20%.

On a general scale, the market event saw the total crypto market cap plunge down from $214 billion to a sad $205 billion within one hour. Interestingly, the market slump has boosted BTC’s market domination by 1%. The figure now stands at 53% up from the previous 52% before the bears run wild.

While this happened, Ethereum’s Vitalik Buterin took to twitter to predict a serious financial crisis bound to happen sometime before 2021. This prediction didn’t go down well with some economists like Nouriel Roubini who said that Vitalik is yet to deliver on his 2013 promise in which he pledged to introduce a Proof-of-Stake (PoS) system that’s more decentralized, scalable, and secure.

Nouriel is remembered as “Mr.Doom,” the guy who predicted the economic crisis of 2008.


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