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In the last 24 hours, the cryptography market has slightly rebounded adding $ 5 billion to its valuation, as the price of bitcoin has risen by three percent.
Most tokens included Basic Attention Token (BAT), Augur (REP), Ontology (ONT), Pundi X (NPXS) and Zilliqa (ZIL), which have strong developer and investor communities, decreased by 9 -14%, extending losses since yesterday.
Market is still gloomy
From 7 to 8 August, the cryptocurrency market lost nearly $ 31 billion of its valuation over a 48-hour period. The price of Bitcoin fell by 14%, from $ 7,200 to $ 6,150, while other large cryptocurrencies such as Ripple, Bitcoin Cash and Ethereum recorded higher losses.
From its all-time high to $ 5,500, the price of Bitcoin Cash has declined by 89% and Ripple has lost 90% of the market capitalization over the last eight months.
Often, after a sharp drop in prices, the main digital resources tend to record corrective rallies, immediately covering losses in the previous days. However, on the 9th of August, the Bitcoin corrective rally recorded a mere three percent, failing to cover losses in recent days
Although the volume of Bitcoin, Ether and other major cryptocurrencies has increased by more than ten percent, the volume of Tether (USDT), the most frequently traded stablecoin, is also increased by more than 20 percent, meaning that a fairly large proportion of investors are still protecting the value of cryptocurrencies in USDT.
On Tuesday, CCN reported that the price of Bitcoin will drop to half $ 6,000 when the price of Bitcoin hovers around $ 7,300, due to many factors including the lack of volume in the market, the strong downtrend and the unpredictability of the over-the-counter market (OTC).
These factors still remain in play and in the coming days, if BTC fails to recover above $ 7,000, it will likely test support levels below $ 6,000, probably at $ 5,000, a level that BTC has not seen from Fe [19659006] In February and June, BTC fell below $ 6,000 and tested the average of $ 5,500, but secured a momentum in the region of $ 5,000 and rebounded between $ 8,000 and $ 9,000. The next 48 hours may decide the short-term trend of BTC, and if the market continues to show the strengthening of the bears hand, a further decline is more likely than a large corrective rally.
DCO ICO
Some analysts have suggested that initial coin offerings (ICOs) and blockchain projects that download large quantities of Ether from token sales may have contributed to the fall in the value of major cryptocurrencies, considering that the market depends mainly on the performance of BTC and ETH. [19659006] In conclusion, considering the size of the decline recorded by the major cryptocurrencies and the fact that the overwhelming majority of investors have predicted that the US SEC will postpone its decision regarding the Vancock-SolidX Bitcoin ETF proposal, it is likely that outside the cryptocurrency trade market has brought the market down.
Close-up image of Shutterstock. TradingView Charts.
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