Bitcoin Drops 800 In Minutes Followed By The Whole Cryptocurrency Market
Bitcoin (BTC), the largest cryptocurrency in the market,
fell 3.8% in the last 24 hours to $9,450 according to data provided by CoinMarketCap. The whole cryptocurrency market followed the same trend with EOS being the worst performing crypto among the top 20.
Bitcoin Falls $800 In Minutes
In the last 12 hours, Bitcoin fell around 8.8% from $10,250 to $9,350 a few minutes ago. The digital currency also reached a market cap of $170 billion. Although there is no specific catalyst for this price action, most of the other coins in the market followed the same trend. Ethereum (ETH), the second-largest digital asset is currently traded around $206 after falling 4.88% in 24 hours, as reported by CoinMarketCap. This digital currency has a market capitalization of $22.12 billion.
XRP, is currently falling 2.22% with a price of $0.309 and a valuation of $13.26 billion. Both, Ethereum and XRP are in very important price points. In almost a year, XRP has been traded above $0.3 which is a very important support level for this digital asset. $200 is also important for Ethereum, that is falling almost 5%. Ethereum is also reaching the lowest point against Bitcoin since early 2017.
Litecoin (LTC), and Bitcoin Cash (BCH) the fourth and fifth largest digital currencies are falling 4.77% and 2.28% respectively in the last 24 hours. Litecoin, which is expected to experience a halving event as soon as on August 5, seems not to react to it. This shows that the halving was already priced by the market. Litecoin miners are expected to receive half of the LTC they currently get when they find a block.
Other virtual currencies such as Binance Coin (BNB), EOS, Bitcoin SV (BSV) and Stellar Lumens (XLM) have also fallen in the last 24 hours. They fell 4.32%, 6.56%, 6.25% and 2.75% respectively, showing that the whole market is operating negatively. Among the top 100 coins, just three are registering positive changes in the last 24 hours Japan Content Token (JCT) growing 10.72%, Basic Attention Token (BAT), with a price increase of 5.63% and V Systems expanding 0.45%. There are many individuals that consider that altcoins will struggle to regain their all-time highs in the future. However, Binance Coin, for example, is the only top 10 digital asset that was able to reach a new all-time high this year.
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Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles