Over $43B Eradicated from Crypto in Only Five Days
Three major cryptocurrencies, Bitcoin, ETH, and BCH have managed to climb back up around 4% over the last day as the cryptocurrency market has upped its valuation by $8B. On the 11th of August, the market dropped over $12B as many of the leading coins suffered significant losses. The market has made a minor recovery since the drops although major coins are performing relatively weakly as of now.
Just Short of a Week
On the 7th of August, the total global market cap was valued at around $257B as BTC and Ether maintained their price, with Bitcoin valued at $7300 and Ether at $400. Since that day, both coins plummeted in price, hitting significant lows on the 11th at $5980 and $305 on the market. Within just five days, the market has managed to toss away $43B in total.
As is clear, in light of the heavy drop in market valuation, top cryptocurrencies are suffering under a severe bearish trend over the last month, give or take. Additionally, almost every one of the top leading coins has lost a hefty amount of its price. ETH was among the worst performing coins since the beginning of August even though it was positively gaining from January up until last month of this year.
A few researchers and analysts have stated that the painful decline in ETH and its value as part of the ETH token sale through ICO’s and DLT projects. ETH dumping and public exchange platforms by large enterprises and startups could possibly explain how Ether, among the stronger currencies performing positively this year, would drop severely in value and lower than any other major currency.
For a correction within the digital market and to provide more momentum, BTC would be required to pick up and maintain momentum at top levels of resistance as a means of regaining anywhere from 40-50% of the market's valuation. On a short-term scale and given how large and heavy the current bear-dominating trend on the market, it makes it harder to view any means of top performing cryptocurrencies making significant reversals to operate at higher levels and instigate a mid-term bull rally.
A more likely way for the current situation to go is that all of the top leading cryptocurrencies would hit new bottom lows and maintain their positions there for a while to become more stable over a set period of time and the launching a full-blown bull rally with a possible 10-20% of cryptos skyrocketing unexpectedly. Willy Woo, a distinguished and well-known crypto-analyst successfully predicted the drop in BTC from $9K to $6K during May. He stated that Bitcoin purchases were continuing regardless of the concerns.