The journey of Bitcoin in 2018 is on the verge of hitting another mathematical as well as psychological low. Should Bitcoin drop below a value of $7,000 in the coming days, it will no doubt affect both the alt-coins closest to it like Ethereum and Ripple, but also send shock-waves throughout the crypto market in general.
As of Thursday (May 24) morning, Bitcoin’s value had fallen below the $7,500 mark, a figure not reached since April 12. By midday, BTC had risen to a dollar over $7,500, but certainly didn’t look out of the woods yet. On Wednesday, Bitcoin even hit a multiweek low of $7,444.92, and according to the FOREX CLUB forecast, the cost of Bitcoin in the coming week may fall below $7,000.
This recent and pronounced slump in crypto-value has seen the total price of all coins fall to $326 billion, a drop of $50 billion in the past 72 hours. A major worry is that last week’s Consensus Conference which in its previous three years had massively stimulated the crypto market, this year seems to have achieved the opposite.
Cryptos Suffer Heavy Casualties Across The Board
Other top cryptos have also sunk in value in response to the depreciation of Bitcoin. Ethereum fell in value by 5.35%, falling to $603.5, Ripple lost 2.42%, falling to $0.619, while Bitcoin Cash slumped by 4.76% and decreased to $1038.21.
By Thursday afternoon, the entire crypto market cap stood at $333.7 billion, with a 38.6% market domination by Bitcoin. Bitcoin’s market cap value stood at $128.7 billion, and its coin value had climbed slightly to $7,548.7. Ethereum’s market cap stood at $58.59 billion, and a coin value of $588, while Ripple had a market cap of $24.26 billion, and a coin value of $0.619.
Bitcoin has suffered a seven day slump in value of 4.35%, Ethereum’s slump measures at 5.07%, while Ripple barely had a slump, with a seven day dip of just 0.46%. The only top-5 crypto that has experienced a rise in value in the past seven days is EOS, whose price went up by 5.29%. EOS has a market cap of $10.5 billion, and a coin value of $12.01.