By all accounts, it’s been a bad week for cryptocurrencies; a significant correction on Wednesday saw the total market cap for the crypto market fall about 11 per cent to around $219 billion.
The market showed signs of recovery on Thursday only to plummet again today (Friday) to another all-time low for 2018.
The total market cap currently stands at a dismal $213.78 billion, down about 10 billion dollars since yesterday.
Bitcoin (BTC) is down nearly 7% in 24 hours, at time of writing, with one BTC currently trading at $6,135.91, according to averaging data from CoinMarketCap (see below).
ETH, XRP and IOTA down
Other big losers include Ethereum (ETH), down ten per cent to $331.93, Ripple (XRP), down just over eight per cent to $0.320057, and IOTA, down nearly 15 per cent to $0.560777, respectively.
The fact that Bitcoin is teetering on the edge of the $6,000 mark does not look promising for the coin’s future.
Many commentators are claiming that the golden age of cryptos is well and truly over and, judging by this week’s performance, it’s hard to argue with them.
After a promising July, Bitcoin, and by extension almost all other coins, have struggled to maintain so far in August.
The market as a whole seems stuck in a consistently bearish trend, despite some promising news within the space.
Most analysts blame the SEC’s (U.S. Securities and Exchange Commission) reluctance to accept any Bitcoin ETF (exchange-traded fund) proposals as a key factor behind the market’s poor performance, of late.