Bears Continue to Dominate the Crypto-Market
The 9th of August is still experiencing more sad results as many traders continue quickly dumping their cryptocurrencies. As of now, a new yearly low has been achieved and the total market cap has plummeted past $225B for the first time in almost 10 months.
Bitcoin has managed to crash through several support levels in the past few days and has taken another dip of 2.5 percent on the 9th of August down to $6350 on the market. The leading cryptocurrency has managed to lose over 24 percent in just 14 days, tumbling back down from $8400. Additionally, Ethereum has hit another new low for this year, plummeting in price down to $360, a 2.2 percent drop.
Alternative coins are also still “bleeding” as many have achieved significant drops, hitting new lows not seen since 2017. As of now, it seems like the entirety of the cryptocurrency market has taken a year in total to correct itself.
Although the top ten major cryptocurrencies have not exactly struggled as many alternative coins, a few of them are still seeing painful drops of around five percent, including EOS, XLM, and LTC. EOS itself has seen a whopping 73 percent drop since April 2018 and is currently valued at around $5.66. LTC has also dropped, bringing the digital currency back to around $62.7.
Among the top thirty cryptocurrencies to avoid any losses were 0x, Decred and Maker, having managed to avoid any losses over the last day and instead gain positively, albeit how minor their gains were. ChainLink has climbed 12.4 percent, a comeback in its favor and the Monacoin of Japan has also dragged its way up 10 percent.
In terms of total market capitalization of cryptocurrencies, a three percent drop has dragged the total cap to $224B. Earlier on the 9th, a drop of $219B revealed a loss of more than $80B within two weeks and achieving a new low level for this year.