The cryptocurrency market faced a speed sell-off this week, pushing the listings to decline further. While Bitcoin (BTC) slipped to another yearly low, Bitcoin Cash (BCH) plunged close to 50 percent in 7 days.
Bitcoin plunged below the $4,200-level, falling as low as $4,195 on Friday, its lowest since September 2017. It has lost over 25 percent in 7 days. Bitcoin is the most valued among cryptocurrencies and also accounts for over 50 percent of the market accounts.
Bitcoin Cash, which is being claimed to cause the decline in the market after its recent hard fork fell 50 percent in a week and was seen trading $204 after a 6.5 percent drop in a day.
The 28 major cryptocurrencies by market cap were red on Friday with some altcoins losing over 10 percent in 24 hours. Ripple, the second valuable cryptocurrency by market cap, fell 7.6 percent in 24 hours and was trading at $0.402 apiece. Ethereum lost 30 percent in value this week, trading at $120. Crypto-markets function 24 hours a day.
According to CoinMarketCap.com, the total market capitalization for cryptocurrencies fell to $138.6 billion on Friday, its lowest since September 2017. It has lost $700 billion in value from its peak in January this year.