Bitcoin Hits Yet Another Yearly Low As The Market Crashes, Again

Image Source CoinMarketCap

Bitcoin advocates are asking how much lower it could go as the world's largest cryptocurrency continued to slump following its biggest one-day loss in eight months.

Stellar (XLM) traded 4.4% higher against the dollar and now trades at $0.25 or 0.00004515 BTC. Bitcoin.com now has around 0.75 exahashes of hashing power pointed towards the BTC chain.

TRON (TRX) traded up 0.7% against the dollar and now trades at $0.0189 or 0.00000337 BTC.

Cardano (ADA) is now at $0.06 against the dollar, a -15.15 percent change in the last 24h.

For the Bitcoin bulls, the failure to take a run at $6,000 levels will be a concern, particularly when considering the fact that there should have been greater market support from the divergence in hash rates in favor of Bitcoin Cash ABC on Sunday, reflected in Bitcoin Cash SV's 22% slide on Sunday, which was in stark contrast to Bitcoin Cash ABC's 15.01% rally.

Namecoin (NMC) traded down 1.4% against the dollar and now trades at $0.56 or 0.00008810 BTC.

Counterparty (XCP) traded up 0.3% against the dollar and now trades at $2.86 or 0.00050835 BTC.

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Crown (CRW) traded down 3.8% against the dollar and now trades at $0.34 or 0.00005323 BTC.

UnbreakableCoin (UNB) traded flat against the dollar and now trades at $0.11 or 0.00001757 BTC. Ether's value hasn't been this low since July 2017.

Terracoin (TRC) traded down 0.2% against the dollar and now trades at $0.0318 or 0.00000500 BTC.

The Bitcoin ABC split campaign is based on the belief that the basic structure of Bitcoin Cash is "sound", and "does not need any radical change".

While the overall cryptocurrency market is in constant fluctuation, the reason for this dive likely has to do with the recent bitcoin cash fork. Bitcoin Cash ABC [IOU]'s official Twitter account is @Bitcoin_ABC.

Bram Cohen, the BitTorrent creator who has become a regular voice on the cryptocurrency market, forecast the Bitcoin Cash hashrate war could not continue indefinitely and described it as a "shitshow". Its split is created to entirely overwrite the network scripts of Bitcoin ABC and increase the block size of Bitcoin Cash from 32MB to a maximum of 128MB, all of which are expected to increase network capacity and scale. Investors seeking to acquire Bitcoin Cash using USA dollars directly can do so using GDAX, Gemini or Changelly. Investors seeking to acquire Bitcoin Cash SV [IOU] should first buy Ethereum or Bitcoin using an exchange that deals in USA dollars such as GDAX, Coinbase or Changelly.

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