Bitcoin and Ethereum enthusiasts have little reason to celebrate over the Easter weekend this year, as the price of both cryptocurrencies have plummeted following a wider market sell-off.
At press time, Bitcoin trades at $7100 USD – up from a new 51-day low of just $6900 USD – while the price of Ether has similarly fallen to $396 USD levels. Broadly, the move has been followed by other leading cryptocurrencies – with Litecoin, Dash, and Ripple trading at $122 USD, $328 USD, and $0,5 USD respectively.
The total market cap of all cryptocurrencies have fallen to $256 billion USD, which marks nearly a 70% decline from the $800 billion USD market cap last seen in January of 2018.
While the move clearly depicts a depressed market, price levels have continued to drop amidst a backdrop of technological development and the wider adoption of both cryptocurrencies and blockchain technology – leaving many pundits to speculate that the aggressive moves by several social media giants to ban cryptocurrency and initial coin offering (ICO) advertisement could be leading negative sentiment in the market space.
Recently, Facebook, Google, Twitter, Snapchat, and now email marketing service MailChimp have all elected to prohibit ads depicting either cryptocurrencies or ICOs – stifling user awareness and the flow of new capital into certain projects.
ICOs have been the target of regulatory scrutiny of late – with the US Securities and Exchange Commission changing course to target offerings providing access to unregistered securities tokens.
In more positive news, both Bitcoin and Ether have led the news in the blockchain scaling debate, as Bitcoin’s Lightning Network saw its first mainnet-ready implementation, while Ethereum co-founder Vitalik Buterin presented a new scaling model for Ethereum in the form of Plasma Cash.
In terms of future outlook, sentiment has been mixed. Respected analysts such as Fundstrat analyst Tom Lee have staked claims that Bitcoin could reach prices as high as $91,000 USD by 2020, while Goldman Sachs has warned that the leading cryptocurrency might well touch values beneath its February low of $5900 USD.