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In the last 24 hours, the cryptography market has lost $ 6 billion from its valuation, suffering a slight decline after a solid corrective rally by Bitcoin.
While Bitcoin recorded a small gain of 0.5%, other major cryptocurrencies like Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin and Cardano decreased by 1.4%, affecting the token market
Token Volatility
On August 17, as the price of BTC showed a rapid recovery from $ 5,850 to $ 6,400, the pawns recorded massive gains in the range of 30 to 80 percent, with VeChain up more than 80 percent compared to the US dollar.
However, with the BTC stabilizing at half $ 6,000 and other major cryptocurrencies struggling to sustain their upward momentum, the tokens suffered. In the last 24 hours Aion, DigixDAO, OmiseGO, BAT and 0x have decreased by more than 6% compared to the US dollar and Bitcoin.
Yesterday, on 19 August, CCN reported that the fall in the price of token in the last 48 hours can be attributed to the excessively aggressive operations initiated by investors in the market cryptic that considered the minor corrective rally of Bitcoin the beginning of an upward race.
As a result, many traders have relocated their funds from Bitcoin, which has performed relatively well against the US dollar in the last month, as seen in the rise in the dominance position index, in high-risk token and high-yield trade.
Some tokens such as Ontology, Tezos and Nano recorded solid gains of 10 to 20%, but fell during the day due to the lack of momentum in Ether and other major cryptocurrencies.
In a bearish or bearish market, the Bitcoin dominance index tends to increase as investors consider BTC to be a valuable deposit in the cryptocurrency market. As such, in recent months, apart from some exceptions including Binance Coin (BNB), Bitcoin has been one of the best performing cryptocurrencies.
BTC's dominance index rose from 51% to 52 percent in the last 24 hours. An increase of 1% is a minor movement, but considering that the market has been overly optimistic in the short-term trend of crypto during this week, it is important to consider the continued increase of the BTC domain.
Low Volume [19659005] The volume of Bitcoin and other major cryptocurrencies tend to be extremely volatile. The volume of BTC could remain in the region of $ 4 billion and suddenly rise to over $ 6 billion within 24 hours, especially during corrective meetings.
But, the volume of BTC fell below $ 4 billion, a level the market has not seen in the last two weeks. As of August 20, the volume of Bitcoin and Ethereum remains at $ 3.5 billion and $ 1.5 billion, less than half of their volume in June.
In the short term, it is critical that Bitcoin maintain its current stability, allowing the market to establish a fund in the lower price range. If BTC suddenly rises to wide margins, it could lead the market to record overbought conditions.
Image highlighted by Shutterstock.
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