As cryptocurrency carnage continues and prices have been hammered hard, total crypto capital had been drowned below $200 billion within a week time frame. Just two weeks ago, bitcoin was reigning over $6,500 and it appeared to be a safe haven to break above its potential resistance level of $6,745, however, since then, crypto sell-off have taken complete control of the crypto market and Bitcoin payment are becoming a distant dream.
While this report is being written, Bitcoin is being traded at a tight margin $4,350-$4,550, shrinking its overall capital to two third and Ethereum taking the big battering, is residing at $135.00, while a downtrend below $115 is not yet out of the picture.
The ripple has lost one-fourth of its capital, residing at 0.43 and bearish move below $0.35 might have been upcoming. Apart from its dramatic downtrend, the commercial use of Bitcoin payment has dropped harshly. One of the basic features of any payment currency should be stability, however, almost all of the cryptos including Bitcoin missed that opportunity and remained unstable.
A blockchain researcher Chainanalysis shows that crypto currency is really struggling to mature as a serious alternative to state issued money, as the value of Bitcoin handled money by the major payment processors had been declined by 80% up to September, this year.
“There would have to be a stability requirement if it is to become another form of money,” and “But one thing that would take bitcoin into the mainstream is scalability — is it able to process the value or volume of transactions that money tends to do?” since its total capital has been drained, dropping below $200 billion, stated a UBS strategist in London.