Most of the cryptocurrencies are now trading at their lowest prices ever this year, as the cryptomarket continued its sell-off today. In total, Bitcoin has lost more than $50b in market capitalization since the beginning of the year.
$14b of that was lost just last week, while the flagship coin lost $4b again today, reaching its lowest price ever in 2018. We have to keep in mind that Bitcoin reached a peak of $19,781 in January.
Now trading at $3,400, Bitcoin has lost more than 82% of its price in the past 12 months. Litecoin is also trading at just $25, which is disappointing for a coin that reached over $300 in January. Ethereum is trading at $85, after reaching $1,400 in January as well.
This ultimately makes 2018 the worst year ever in the cryptomarket, with investors losing billions of dollars. The price might also be affected by the Whale movements happening in the community.
It was reported that a number of huge Bitcoin wallets which have been dormant since 2014, have suddenly become active after four years. Two of the top ten richest BTC addresses have literally emptied all their coins to various wallet addresses.
Furthermore, over 76 wallets containing over 8,000 Bitcoins each, sent out 608,000 BTC ($206m) in total to different wallet addresses. It’s not rocket science to know that a sudden dump of BTC into the market would have a severely negative effect on price.