Bitcoin and Ethereum are falling, the cryptocurrency market loses $ 18 billion

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Bitcoin and Ethereum are falling, the cryptocurrency market loses $ 18 billion

In the last 24 hours in the cryptocurrency market has recorded a loss of $ 18 billion, as the main cryptocurrency, including Bitcoin, Ethereum, and Bitcoin Cash EOS, lost 4-13 percent.

While bitcoin ended the day with a 4 percent decrease in its cost, Ethereum has fallen by 13 percent against the U.S. dollar, becoming one of the worst positions in the market, along with the NEO.

The tokens recorded the steepest drop in its value on August 11, as the majority of token, based on Ethereum, such as, Aion, Pundi X, Aelf, DigixDAO, WanChain and VeChain, recorded a fall of about 14-18 percent.

Bitcoin is more than 50% dominance

For the first time in 2018 Bitcoin became the dominant cryptocurrency in the world market, receiving 50 percent of the market by providing a high level of annual income (YTD), the index of dominance.

A sudden increase of the index of dominance of Bitcoin, which coincided with the growth of Tether demonstrated that investors have become more reluctant with respect to transactions with high risk and high profitability, mainly due to the lack of confidence in the short-term market trends.

Over the past few weeks, the tokens lost more than 50 percent of its value against Bitcoin. For example EOS, called “Ethereum Killer”, for the last 30 days fell by 50 percent from the market valuation due to the instability and volatility in the market.

In recent months, the volume of BTC and the rest of the stock market has declined substantially. At the end of July, when the BTC held a promising race up to a higher level of 8,000 USD, its volume increased by $ 6 billion.

As of 11 August, the volume of BTC dropped below $ 4.4 billion, while the volume of the Tether (USDT), the cost of which is hedged to the level of the U.S. dollar, increased to 2.8 billion. that $ 1.2 billion. more than the amount of Ethereum.

Since July, the traders found that the price trend small token usually corresponds to a price trend XRP and EOS. In the last 24 hours Ripple and EOS reduced 11 percent of its value against the U.S. dollar.

Where is the market?

Yesterday, many analysts expressed the opinion that Bitcoin is testing a significant support level at around $ 5800.

“If the price movement of BTC in the short term will be the same as in February, April and may, BTC is likely to fall below $ 6,000 in the coming days, possibly, will reach 5700 USD, as suggested by some analysts”.

The inability of the market to provide strong momentum in the near future may lead to the fact that testing the BTC will be 5 $ 500, what may cause a further drop for the cryptocurrency market.

Evgeniy Yakubenko, an analyst Freedman Club Crypto News

Image from Fotolia

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