A new bloodbath that happened overnight saw Bitcoin sinking to $7,500 and the total cryptocurrency market cap losing $30 billion in a matter of hours.
Bitcoin dropped and lost precisely 7.5% in 24 hours, which marked one of the steepest drops in the past 30 days. Since July 29th, Bitcoin has been gaining on the one-day charts. The lack of volume and decline in momentum was broken yesterday.
On July 30th, we analyzed the declining momentum in a post that read:
“According to analysts, the price of Bitcoin may dip towards the trend line and go to as low as $7,900 in the worst-case scenario. However, what is more likely to happen is for it to break the $8,500 level over the next week and target the $9,000 level by mid-August.”
Even though this is still a scenario that is entirely possible, Bitcoin is now struggling to demonstrate any sign of recovery in its volume and price. Since the drop saw it losing more than 7%, it was definitely unexpected.
Despite its fall, Bitcoin has managed to sustain its dominance over the rest of the crypto market. The yearly high for 2018 is now 48.1% for the first time since January 2018. The Bitcoin Dominance Index, on the other hand, is highly volatile which is mainly caused by the unwillingness of investors to take additional risks by investing in other major cryptocurrencies.
Aside from Bitcoin’s drop, the tokens Polymath, Bitcoin Private, Pundi X, VeChain, Ark, Aelf, Decentraland, ICON, WanChain, Ontology, and WaltonChain all demonstrated losses and recorded 10 to 30 percent drops in the past 24 hours.
Right now, the drop in the price of BTC is estimated on the higher end of $6,000, possibly at the $6,900 mark, according to analysts.
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