The valuation of the crypto market has fallen by $20 billion over the past 24 hours, and the price of the largest cryptocurrency Bitcoin dropped to $6,400.
The market recorded a steep fall from $274 billion to $252 billion and demonstrated a 7% decline in terms of value. Bitcoin, on the other hand, dropped from $6,700 to $6,400 and caused other major digital assets and small tokens to experience intensified movements on the downside.
While Bitcoin lost 5% over the past 24 hours, the price of Ether which is the token of the Ethereum blockchain protocol dropped by more than 10%. Ethereum fell from $480 to $430 over the past 12 hours, dragging tokens and small cryptocurrencies along with it.
As we reported in our analysis a couple of days ago, a fall to the lower end of $6,000 was at the time “inevitable due to the low trading volume”. Our report read:
“Even though since July 2nd, we are seeing Bitcoin over the $6,000 region and constantly climbing, the leading cryptocurrency has also struggled to initiate a major movement on both the upside and downside, mainly because of the low daily volume of BTC.
So, in the short-term, it is likely for Bitcoin to fall to the lower end of $6,000 than to rise above $7,000 mark. In the mid-term, however, a major break could be recorded – and a large rally can be expected.”
Last week, the volume of bitcoin recovered to around $5 billion after dipping below $3,5 billion. This week, the volume dropped back to $3.9 billion while the volume of Tether rose from $1.6 billion to $3 billion.
In the upcoming days, a drop to $6,000 is very likely to happen – especially if the price of Bitcoin fails to rebound to the $6,700 in the next 24 hours.
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