The crypto market continues to drop heavily, with most coins reaching new lows for 2018. The market cap is currently at $186 billion, which is significantly lower than its value at September 1 ($232 billion). The rate at which the market is dropping is worrying to all involved in the crypto market as it reveals that we are still nowhere near the bottom of the bear market. People’s hopes of the bear market reaching an end around this time have not been met.
Crypto market takes down all large coins
BTC has fallen to $6,267, which is a major step down from its price of $7,055 on September 1. It looks like it won’t be long before BTC reaches the $5,000 bracket. XRP has dropped to $0.25 from $0.33 on September 1. Its chart looks more unstable than most coins rated top ten for market cap, as it has witnessed around seven harsh declines this month alone. However, no coin is worrying investors quite like ETH, which has consistently been moving downward from May 5 onward. It is currently sitting at a price of $172. The last time it was this price was July 17, 2017. This means that it has lost every gain it made during the 2017 bull market.
The 2013/2016 bear market
People who have been in the crypto market for years now may notice a parallel with the 2013/2016 bear market, which is perhaps the longest bear market in the short history of cryptocurrency. On November 30, 2013, bitcoin reached the price of $1,127, only to fall tremendously on December 21. From then onward, BTC struggled to hold its price, eventually declining to $175 on January 2015. It only truly started to pick itself up on December 26, 2016, where it reached $909. That was a three-year bear market, and it led to most people entirely abandoning bitcoin and cryptocurrency in general.
The reason this is being brought up now is that it might be time for people to factor in the possibility that the crypto market may be struggling for the next few years to come. It is a harsh thought, but the fact that it has happened before means that it can survive it happening again. Preparing for the worst may be the best thing that day-traders and swing-traders can do.
Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.