The weekend was pretty interesting for the crypto market. There was a short recovery attempt but right after that attempt cryptocurrencies were hit by another slump. Now, almost all major cryptocurrencies dropped by more than 10%.
Bitcoin, however, dropped a significant 1 percent that day which was really strange. Bitcoin is trading up by 0.1 percent in just a day but it did, however, drop down to $6.051. At the time of writing, bitcoin is now at a price of $6.439. This means that after rising to $8.230 in July, Bitcoin is down by almost 9 percent.
Ethereum on the other hand first lost a $400 in support and right after that reached a new low at $305. Today Ethereum is trading at $288. It is strange how Ethereum is now facing difficult losses, at one point it even dropped more than 25 percent in the past 30 days which is a stunning 50 percent in the past three months. Also, IOTA suffered large losses trading at 0.485 which is a drop more than 37 percent.
The entire market cap reached as low as $200 billion but somehow the markets managed to retrieve some of the losses and thus reaching $216 billion. However, despite the entire market is down, there are now more than 1.800 cryptocurrencies. The market is now hit by reactions from investors and many are overacting and hurting the market with their behavior. However, bitcoin is still up by almost $80 per year so it’s up to the investors and their perspective on how they perceive the market.
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