Crypto markets have been pounded again as a red Friday rout sees $15 billion more leaving the space. Nearly all digital currencies are in a world of pain, plunging to their lowest levels in almost 18 months.
Bitcoin has led the drop when it fell through support and hit a 2018 low of $3,400 a few hours ago. This has pulled the rest of the altcoins down with it. One which has suffered more than most in recent weeks is Bitcoin Cash.
Flippening and Reflippening
BCH has been slowly evaporating, dropping to new all-time lows every day this week. According to Coinmarketcap it was priced at around $470 following the hard fork from Bitcoin in August last year. During that latter part of 2017 it joined the rest of the cryptocurrencies on a rocket ship to the moon, peaking out at just over $4,300 on December 20.
Since then, however, Bitcoin Cash has been on a downward spiral that has seen it dissolve into virtually nothing falling a whopping 97.45% from its all-time high to today’s prices. In the last 24 hours alone BCH has crashed a further 24% plunging from $128 to its lowest level ever – $97.