It may be a cruel joke to those cryptocurrency fans holding bags of expensive Bitcoin and other altcoins, but all this digital money is on sale right in time for Black Friday. If, on the other hand, you’ve been waiting for popular cryptos including Bitcoin, Ethereum, Ripple, EOS, Stellar, and others, to drop as low as possible before getting in, now seems like the time to do it. This year’s bearish spell hasn’t ended for Bitcoin and its kind, with the recent days bringing us the year’s lowest values.
Bitcoin has been in a slump for months, trading sideways for most of the time, with the rare bull run attempts being quickly killed off. The price has been hovering around $6,400 for a few months before dropping to $5,500 a few days ago. Then, in the early hours of Tuesday, Bitcoin sank as low as $4,200, a price we haven’t seen in more than a year. But back in October 2017, Bitcoin was in the middle of a massive bull run that would culminate in mid-December when one Bitcoin was priced at almost $20,000.
Unsurprisingly, the whole market witnessed a similar fate as Bitcoin this week, with all the popular currencies dropping to new lows. We’re looking at double-digit losses for most of the top 10 cryptos in early Tuesday trading, and the same goes for all the others digital currency out there. If there’s one remarkable exception, that’s Ripple, which fought the losses in the past few days. Even so, Ripple too is trading nearly 6% lower than the other day. Here’s what the crypto market looked like at the time of this writing:
Remember, however, that things may change without warning, and there’s no telling if the panic is over. Per CCN, the entire crypto market just lost $25 billion in value — the market cap sits at almost $148 billion according to CoinMarketCap. That sounds like a more than decent figure for the whole blockchain business, but we’re still looking at tremendous losses compared to the nearly $770 billion market cap from early January.
Again, if you were hoping for cheap Bitcoin and altcoins this Black Friday season, now’s the time to act on it. Remember to trade responsibly, however, and make informed decisions. If you’re shopping for regular Black Friday bargains, then you need to check our Black Friday 2018 roundup, available at this link.