In the last 24 hours, many leading cryptocurrency markets have broken down to post new lows for 2018. The bloodshed has seen BCH fall below $100 for the first time ever, while the market cap of ETH has fallen below $10 billion for the first time in over a year. The total capitalization of the combined cryptocurrency markets appears on the verge of testing $100 billion, currently sitting at $107.5 billion.
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BTC Posts New Low for 2018
has broken below support at the local low at approximately $3,500, posting a new low for 2018 of $3,300 on Bitstamp and $3,370 on Bitfinex, at roughly 10 p.m. EST. BTC currently has a market cap of approximately $59.5 billion.
BTC/USD – Bitfinex – 1D
The dump has also coincided with a drop in the spread between the prices on USDT and USD exchanges, with the spread between BTC markets on Bitfinex and Bitstamp currently at approximately 2%.
BTC/USD – Bitstamp – 1D
BTC has fallen approximately 83% when compared with the all-time highs of nearly $20,000 posted nearly 12 months ago.
BCH Dips Below Double Figures For First Time
has dropped below $100 for the first time ever, trading as low as $96 on Kraken.
BCH/USD – Kraken – 1D
The sustained bearish action of recent weeks has seen the market capitalization of BCH fall below $1.8 billion, currently ranking it as the seventh largest cryptocurrency. As of this writing, BCH has shed 97% of its value when compared with its all-time high of roughly $4,000 during Dec. 2017.
Looking at the BCH/BTC charts, bitcoin Cash is currently trading at an all-time low of approximately 0.03 BTC.
BCH/BTC – Bittrex – 1D
XRP Tests $0.3
Despite experiencing a significant sell-off alongside the other leading cryptocurrency markets, has held above the area of its 2018 low for now. XRP is currently trading at the $0.3 area, sitting roughly 20% above the $0.25 area of September’s double-bottom.
XRP/USD – Bitfinex – 1D
When measuring against BTC, XRP appears to be consolidating after recently breaking above the 0.00009 BTC area for the first time in six months. XRP has gained roughly 100% over BTC since mid-September.
XRP/BTC – Bitfinex – 1D
XRP is the second-largest cryptocurrency by market cap with a capitalization of $12.1 billion.
ETH Market Cap Slips Below $10 Billion
also fell below $100 in recent days, hitting the double-figure range for the first time since May 2017. ETH is currently trading for approximately $85, down approximately 94% from the January high of $1,425. The sell-off saw record-breaking volume posted on Nov. 20.
ETH/USD – Bitfinex – 1D
When measuring against BTC, ETH is currently retesting support at 0.025 BTC for the first time since exactly one year until today.
ETH/BTC – Bitfinex – 1D
The crash below $100 has also seen the market capitalization of Ethereum fall below $10 billion for the first time since May 2017, with Ethereum currently ranking as the third largest cryptocurrency with a market cap of $8.8 billion.
Do you think that the worst of the dumping is over for 2018, or will we see lower prices by January? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Tradingview
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Though the market is still under the influence of the bearish trend, it is not the reason for crypto-related companies to stop. Vice versa, it’s a good reason for them to offer their customers something new in order to refresh their interest. As is doing just that.
Sub-accounts for Institutional Investors
As it has been announced, top cryptocurrency exchange Binance is launching a new sub-accounts feature for institutional and high-tier individual traders. These sub-accounts will enable institutions and organizations to register multiple trading accounts (up to 200) under one profile.
Moreover, it will be possible to adjust different levels of access and control for different accounts. Thanks to this new option, the companies’ main accounts can be used to execute control over newly-created sub-accounts and to give permissions if needed.
At the same time, each sub-account will have its own set of API limits to manage its high capacity trading. Nevertheless, main accounts will be able to freeze or unfreeze their subordinates.
The new feature includes an updated dashboard panel that offers comprehensive balance reporting, account management, asset management, order management, transfer history, and login history options.
Binance’s Vision
According to Wei Zhou, Binance CFO, this new feature was designed to meet the growing demand from the side of institutional clients. He :
“We are seeing an influx of institutional accounts in the space and anticipate institutional demand to pick up substantially in the coming months. One of our key focuses is to provide a platform that services the needs of these clients as well as our retail users.”
To have access to a new sub-account feature it is necessary to be a corporate user or an individual with at least VIP 3 tier account. “VIP tiers will be calculated on an aggregate basis, and corresponding discounts will be applied to all sub-accounts”, explains Binance.
Binance Conference
Meanwhile, the above-mentioned update is not the only reason to speak about Binance. As it has been recently announced, the company is going to host its first conference.
The Binance Blockchain Week is scheduled to take place n from 19th to 22nd of January 2019 at the Sands Expo & Convention Centre in Singapore. It is expected that it will gather more than 2000 visitors from all over the world, including industry-leading regulators, investors, academics, entrepreneurs, and technologists. They all will come together to discuss the current blockchain ecosystem and the opportunities for its development and sustainable growth.
The week will include not only the conference itself but also a two-day hackathon called the Binance SAFU (Secured Assets For Users) Hackathon. Its main aim is to find the most cutting-edge solutions to secure crypto assets. The winner will get a grand prize of $100,000 in .
![Tron’s justin sun calls binance coin [bnb] “new bitcoin”](https://ohiobitcoin.com/storage/2019/03/CZ2.jpg "Tron’s justin sun calls binance coin [bnb] “new bitcoin”")