Cryptocurrencies plunged anew on Saturday, as the majors struggled to establish a firm price floor following consecutive price declines over the past two weeks. Despite a whopping 41% drop over that stretch, a lack of adoption means prices are still searching for a bottom. As it turns out, the bitcoin cash hard fork instigated on Nov. 15 is proving more costly than ever imagined.
The crypto-market selloff intensified late Saturday, as asset values plunged $15 billion over the span of just four hours. At the time of writing, the combined value of all cryptocurrencies at $123.4 billion, the lowest in over 14 months. Losses have reached a staggering $84 billion since Nov. 14.
Bitcoin’s price not only fell below the $4,000 floor, it touched new lows of around $3,755. Aggregate data courtesy of CoinMarketCap show an average price of $3,875 at press time, a decline of 11.2% on the day.
With the exception of a few dollar-backed stablecoins, no major cryptocurrency was spared from the carnage that ensued late Saturday. Among top-ten coins, losses ranged from 7% to 15%, with Stellar XLM shouldering the heaviest declines. The XLM price is currently hanging right around the $0.15 mark.
XRP fell 8.5% to $0.374, bitcoin cash lost 13.9% to $180 and Ethereum shed 8.8% to trade at $114.
Hard Fork’s Devastating Impact
The bitcoin cash hard fork instigated on Nov. 15 is proving more costly than ever imagined. Although the recent skid cannot be attributed solely to the fork, the resulting hash war between the ABC and SV chains has done significant damage. It not only diverted mining power away from bitcoin, but also undermined investor sentiment,