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Bitcoin, Largest Cryptocurrency of the world Drops to a New Low

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On Nov 20th, the cryptocurrency market saw Bitcoin hitting a fresh new low in over a year.

After dominating the market for nearly a year, Bitcoin fell below the 5000$ mark. Data from various websites such as CoinDesk price data, Coin360, CoinMarketCap, and Bitcointicker showed a frantic activity on Tuesday as Bitcoin dropped by 17 percent and at one time hitt as low as $4,237.
Although it rose up to $5,048 minimizing the loss percentage to just 9 percent, it still presented a worrisome situation for investors.

Bitcoin dropped by 17 percent and at one time hitt as low as $4,237.

The cryptocurrency market has also faced a heavy loss and has shed $15 billion in the last 24 hours in market capitalization. Though Bitcoin faced such a heavy loss, it fared still better than its competitors like Ether(ETH), Litecoin(LTC) and EOS which saw more than 10 percent loss during the same period of time.
The data from OnChainFX shows that the biggest losses of the day include Aragon, LBRY Credits and ZClassic, all of which shed more than 19 percent.

These events were the direct result of the events of 15th November when an altcoin(alternative currency for Bitcoin) Bitcoin cash(BCH) had a hardfork which resulted in two separate competing chains.
These competing chains are facing a fall of their own with BCH performing the worst in the top twenty crypto assets.
While experts say that the major support for Bitcoin lies at the $4000 mark and the cryptocurrency should not fall below that, many argue that even then it can reach as low as $3000.

The total market cap, at the time of writing this article, is at $150 billion, down from $212 billion weekly high.

John McAfee, a crypto enthusiast shared his thoughts and tweets, "people have panicked".
The total market cap, at the time of writing this article, is at $150 billion, down from $212 billion weekly high. The total market cap reached had reached such low on October 6th, 2017 when it had fallen to $146 billion.
While commentators and enthusiast took a rational and realistic approach to things, talks among people on social media points to the "bottom" of the cryptocurrency in USD terms.

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