Crypto Market in Red Again, Ethereum Loses Week’s Earlier Gains
After seeing recovery gains from last week, many investors had started to believe that things were finally turning around for the crypto market. The market takes a big dump once again to dash all hopes, wiping out all gains over the past few days.
With most of the top 20 digital currencies by total market capitalization seeing red, with 6 of the top 10 coins facing a loss of more than 6% in their value since yesterday afternoon.
Ethereum (ETH), the second largest coin by market value has suffered the most losses among the top 10 coins by market cap, down almost 11 percent over the 24 hour period, dipping below the $200 price point within an hour. The top altcoin is trading at $197 as of press time, losing its weekly gains, down around 0.6 percent over the past 7 days.
Bitcoin, the number 1 digital currency has lost nearly 4% on a daily basis to trade at $6,242 after several futile attempts to break $6,530 resistance.
At the time of writing, the total cryptocurrency market cap is currently valued at $192.7 billion – meaning that it has decreased by more than $10 billion in less than two days.
The repetitive pattern of 4-5 day’s gains being wiped off in less than one day is becoming quite tiresome. Some of the hardest hit currencies other than ETH include EOS, Litecoin, Monero and Cardano are suffering along with Ethereum shedding 7-9 percent on the day. Bitcoin Cash and Monero are not far behind with 6-7 percent losses.
While many traders were expecting ETH to close in on the $300 psychological barrier in the weeks to come, this latest slide will once again cause potential buyers to re-assess their investment strategies.
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