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The recent decline of almost all cryptocurrency markets seems to continue full steam ahead. This week, the Bitcoin price fell below $6,000, a figure which financial analysts have not reported since November. Earlier today the Bitcoin price continued to drop, reaching a low of $5,998 at 7:30 UTC according to CryptoCompare, which represents a total loss of over two-thirds of its peak value of $20,000 seen in the second week of December. Yesterday, it was claimed that China was preparing to strike a killer blow in its battle against the trading of Bitcoin and other cryptocurrencies. The Chinese government plans to use one of its most far reaching tools, the Great Firewall of China, to completely prevent anyone in the country from reaching foreign exchange sites. The recent decline of the Bitcoin price may be related to the move by the Chinese government.
At the time of writing, the Bitcoin price is sitting at $6,571 representing a loss of 14.8% in the last 24 hours. More than $3.3B worth of BTC were exchanged in the BTC/USD market representing a 38.2% share of daily volume. The BTC/JPY pair that represents a 36.6% share.
Regarding Ethereum, some investors believed that the market downturn would present Ethereum with the opportunity to finally achieve the “flippening” by surpassing Bitcoin’s market cap and becoming the largest cryptocurrency. However, this has not proved to be the case, as the Ethereum price has largely tracked with Bitcoin’s decline.
The Ethereum price has dropped by 14.4% over the past 24 hours and is currently sitting at $798, with over $700M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 40% market share of the daily trading volume.
The Ripple price has dropped by 2.3% over the past 24 hours and is currently sitting at $0.70, with over $380M worth of Ripple exchanged in the past 24 hours on the ETH/USD pair which has a 31% market share of the daily trading volume.
The Litecoin price has risen by 1% over the past 24 hours and is currently sitting at $130, with over $395M worth of Litecoin exchanged in the past 24 hours on the ETH/USD pair which has a 50% market share of the daily trading volume.
The Bitcoin Cash price has dropped by 7% over the past 24 hours and is currently sitting at $895, with over $145M worth of BCH exchanged in the past 24 hours on the ETH/USD pair which has a 31.5% market share of the daily trading volume.
On the whole, altcoins declined to a greater degree than Bitcoin, demonstrating that diversifying into altcoins will not necessarily provide investors with a hedge against major market declines.
Sixth-ranked NEO posted the best performance of any top 10-cryptocurrency, rising 2.7% to $90. EOS and Ethereum Classic, meanwhile, returned single-day declines of 5%, while Tronix dropped 6.4%.Stellar, ranked tenth, dropped 2% for the day, which — demonstrating the severity of the downturn — was the best performance of any cryptocurrency ranked in the top 50.
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