The past 24 hours have been dreadful for the crypto market. In the latest digital currency news, a lot of people are disappointed of the drops that were present for every major cryptocurrency in the top 50.
This also made the crypto market unstable and proved that a drop was not anticipated, especially not for Bitcoin, Ethereum and the other top-10 tokens. The entire market went in the red and dropped about $10 billion overnight, to the actual market cap of $193 billion.
Some analysts think that the volume of Bitcoin is a concern that may affect the new downward trend. However, it is evident that something bigger has happened – whether it was another move of funds from a big wallet or a new decision regarding cryptocurrency regulation.
For all the cryptocurrencies to see a gradual recovery right now, we need to see a higher daily trading volume. Overall, the market has not demonstrated any major change lately – the only increase was the abrupt one in the price of Ethereum which was a short one, considering the fact that Ethereum is now again in the red and trading below $200.
Based on the current price trend, it is expected for Bitcoin and Ethereum to remain in the $6,000-$6,500 and $190-$200 ranges accordingly – testing their resistance levels and waiting for a new bullish run.
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