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Today, the cryptocurrency market has suffered a sharp drop in prices, losing about $ 10 billion within a few hours. The market currently stands at around $ 124 billion, down from $ 134 billion this morning.
Ethereum appears to have been the hardest hit, suffering a huge loss of nine percent within the first hour and then continuing a gradual decline to a possible 13 percent of total losses.
The digital resource is now priced at only $ 130 after trading sideways at around $ 150 for most of this year. As a result of the loss, Ethereum has returned to third place in the market rankings. The maximum ceiling of the Ethereum market is now only $ 13.6 billion – $ 40 million due to Ripple's cryptocurrency XRP, which suffered only 6% losses and took second place.
The sudden selloff seems to be largely unexpected in the cryptocurrency circles. While some analysts predicted a possible decline, seems to have surprised many and left even less with an explanation. However, eToro's senior market analyst, Mati Greenspan, does not see the decline particularly worrying.
"While Bitcoin has not been able to maintain the momentum on Sunday, it is important to remember that this price drop still remains within the broader range of $ 3,000 to $ 5,000, which means the meaning of this does not it should be overrated, " He said.
However, not all analysts are equally optimistic. Speaking with Bloomberg, the founder of Ikigai hedge fund Travis Kling said: "The fund is unlikely to be part of Bitcoin [] … the evidence leads us to believe that we will see lower before going higher ".
A recent report published by the National Daily Business Daily Daily suggests that as many as 87% of all Bitcoins (BTCs) are controlled by 1% of the addresses, indicating a greater potential for market manipulation. While a large percentage of this is held in official exchange portfolios, the existence of "whales" Bitcoin continues to pose a threat to market movements.
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