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The cryptocurrency market wounds is showing signs of recovery after a week-long maelstrom that has seen over $ 40 billion swept away from total capitalization manipulation speculation, black market Bitcoin slag and false accusations.
Dogecoin surprisingly unharmed by the chaos of the market
The negative market sentiment saw almost all overcoins bleed last week, apart from the semi-serious cryptocurrency Dogecoin, which started its life as a cryptocurrency joke. A surprising announcement by Yahoo Finance saw Dogecoin added to Yahoo Finance's iOS mobile app, with a $ 100 million increase in DOGE as one of the only tokens to escape the recent sentiment [19659005] with a positive price movement [19659006] Bitcoin, currently in first place by market capitalization, is at [] 1.71% in the last 24 hours. BTC has a market capitalization of $ 109.48 billion with a volume of 24.77 billion dollars.
Chart of CryptoCompare
Bitcoin has increased by 1.71% in the last 24 hours.
Bitcoin has a support of $ 6,000
Bitcoin has shown significant volatility in recent months, ranging from $ 6,000 to the upper limits of $ 9,000. During the months of April, June and August, Bitcoin's values plummeted to $ 6,000, before returning to $ 7,300 on September 4.
An important sell-off on September 5, however, caused an immediate and dramatic fall in Bitcoin prices, with the total capitalization of cryptocurrency losing $ 12 billion in just a few hours. The sudden sell-off was linked to the almost $ 1 billion Bitcoin movement distributed by wallet addresses linked to the now defunct dark Silk Market platform, Silk Road, as well as the alleged cancellation of a potential Goldman Sachs encryption desk.
Goldman Sachs CFO Martin Chavez has been quick in denigrating any correlation between the rapid decline in prices of Bitcoin and the investment bank as "false news", but further negative actions on the price of 9 September saw the value of Bitcoin fall to $ 6,200.
At the end of September 9, however, Bitcoin exhibited a sudden and unexpected rally, climbing 4% from $ 6,190 to $ 6,450 in less than a minute. While Bitcoin has not yet passed beyond the $ 6,000 support level that has been tested multiple times in the last three months, a full recovery from below $ 6,500 could potentially catalyze a mid-term rally.
Ethereum, currently ranked # 2 by market cap, is on 3.54% in the last 24 hours. ETH has a market capitalization of $ 20.31 billion with a volume of 24.77 billion dollars.
Chart of CryptoCompare
Ethereum has increased by 3.54% in the last 24 hours.
Ethereum stabilizes above $ 200
The bearish market share has shaken investor confidence in Ethereum, which has fallen to an annual low of $ 185 on 9 September. The September 5 sell-off in Bitcoin dragged Ethereum prices from a stable point between $ 280 and $ 260 punctual statements made by the co-founder of Ethereum Vitalik Buterin regarding the end of explosive growth within the The cryptocurrency industry caused a further price devaluation, placing the ETH at $ 220 on September 7th.
Community speculation on a potential large-scale market dump led by initial coin offerings Iquidating significant quantities of Ethereum further demoralized the skittish market participants, culminating in a 10-hour sell-off that led ; ETH at $ 185 on September 9th.
The concerns of market participants for ETH sales induced by the ICO are not groundless in the last month, DigixDAO has liquidated 139,400 ETHs, placing further pressure on the market. The prices of Ethereum have now stabilized above the psychological support level of $ 200, but the extended bearish action puts ETH in a vulnerable position that could see prices testing the $ 170 support level. if the market does not resist the sale of interest near the resistances $ 210.00, $ 230.00 and $ 250.00. [19659025] Conclusion
The global cryptocurrency market is equal to $ 197.07B with a 24-hour volume of $ 11.31B . The Coinbase index is currently at 2365.64 . The bitcoin domain is currently at 55.59% .
The downtrend of a week saw the fall in Bitcoin and Ethereum prices dramatically, dragging down altcoins on a chaotic sell out. The recent market movements, however, reflected the forecasts made by ShapeShift CEO Erik Voorhees at the end of August, which claimed that the cryptographic market is "done with most of the collapse."
Cover photo by Jeff Finley on Unsplash
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Author
Sam Town
Samuel is a freelance journalist, digital nomad and cryptic enthusiast of Bangkok, Thailand . As an avid observer of the rapidly evolving blockchain ecosystem, he is specialized in the FinTech sector and when he does not write he explores the technological landscape of Southeast Asia.
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