Along with the prices, the total market capitalization has also been falling massively. Bitcoin Cash (BCH) has probably been the largest fallers in the past few weeks, slumping from $634 to $100 in just one month.
In the last 24 hours, bitcoin's market capitalization has dropped by $4.8 billion over a 24-hour period and is down more than $14 billion on the week, indicating traders may now be moving money out of bitcoin and into dollars. According to analysts bitcoin will fall more to at least $2500 and can even fall further up to $1500 this year as the most major support which lied between $3500 and $3700 is now broken.
Lawyer Brian Miller of Akerman law firm, who heads the team of lawyers that handles the UAC litigation, said there was "a scheme by a tight network of individuals and organizations created to co-opt the cryptocurrency market for Bitcoin Cash, effectively hijacking the Bitcoin Cash network, centralizing the market and violating all accepted distributed and decentralized standards and protocols associated with Bitcoin since its inception".
Following Bitcoin, Ethereum has crashed massively over the last 24 hours showing around 17% loss. Ethereum (ETH) currently trades around $84 and is now looking at the May 2017 swing-low at $62, while Litecoin (LTC) trades at $25 and may fall to the May 2017 low around $18. As usual, nearly all non-stable cryptocurrencies are also in the red, the main exception being Bitcoin SV.
In any case, the technicals continue to look poor for the crypto market, with some analysts - including Bloomberg's Mike McGlone - predicting that a mark as low as $1,500 would not be out of the question for the already-battered bitcoin price. It comes less than a year after Bitcoin was trading at just under $20,000 with more than 330 billion market cap.
Bitcoin Cash (BCH) is in freefall. The market cap has fallen more than 12% in just 24 hours and is still falling.