Bitcoin Crash & the Horrors of Crypto Market has Price Predictions Reel Back

Bitcoin has dropped down below $6k price level and even saw $5,950 at one point. In tandem with Bitcoin fall, the top altcoins are plunging by double digits that have the price predictions to take a step back as well.

Bitcoin below $6k, total market cap losses about $30B in 24 hours

After briefly enjoying the gains yesterday, Bitcoin is yet again charged by bears. From yesterday’s highest point at just above $6,500, the price has taken a dip of 6.22 percent in the past 24 hours. As you can see in the chart below, bears are all up in Bitcoin’s business as it is trading at $5,945 (at press time), below 70% from its ATH in December. The world’s leading cryptocurrency has a market cap of $103 billion with a daily trading volume of $4.9 billion which has also taken a hit from over $6 billion a few days back.

In tandem with Bitcoin, the entire crypto market is on a rout. If we take a look at the total market capitalization, from yesterday’s highest at $219 billion and today’s lowest at $189 billion, about $30 billion has been wiped out from the entire market in less than 24 hours. If we take out Bitcoin from the picture, the loss has been $20 billion.

The top cryptocurrencies are doing far worse than Bitcoin, so much so that BTC dominance is only rising, currently at approximately 54 percent.

According to the Coinmarketcap data, Ethereum (ETH) is registering significant losses as it drops down 17%, making its way to $250. At $0.263, XRP is down by about 13% while Cardano (ADA) and Tron (TRX) are declining at a much faster speed i.e. 19.49% and 21.34 percent respectively. IOTA (MIOTA) is plunging at over 24% along with ICON (ICX) and VeChain (VET).

Also, read: Buy Bitcoin, US Dollar Will Become Worthless: Warns Kim Dotcom over Impending Big Crash

Price predictions take a hit as well

According to the data from Finder, which releases cryptocurrency price predictions for every month,

“Of the 13 coins, our panelists forecast that DigiByte will experience the greatest price growth this month (42%), as well as the greatest growth by the end of the year (132%). It’s followed by EOS (131%) and IOTA (123%) for greatest growth by the end of 2018.”

Though the price prediction of different coins for September 1 is all in the positive, Tron (TR) is expected to experience the smallest growth by the year-end.

Bitcoin price which was predicted to hit $19,700 by year end last month has been taken down to $14,200. By the time, December comes up, we might get close to the much lower and point on the number. However, by September 1, the predicted price is just above $8,500.

Caradno is predicted to rise by 24% by August end and over 100% by December end while Ethereum and XRP to surge by 17% and 8% by September beginning.

The scenarios can surely change as in the crypto market, it’s only a matter of time for bulls to make a comeback. But, given the way bears are currently hitting the prices, it seems hard to see these numbers on the horizon for now, at least.