Cryptocurrency Market have been experiencing it’s lowest in the last few months after going through a minor correction rally recently.
Bitcoin(BTC) is trading currently at $6523, up by 1.2% on the day as per Cointelegraph’ Bitcoin price index.
After breaking the $7000 barrier threshold on August 31, Bitcoin was speculated to provide a strong uptrend but dramatically fell yesterday, on September 5th.
Although bitcoin has stabilised as of now on the lower side of $6500, it was down by more than 10% yesterday.
Ethereum (ETH) on the other hand continues to droop down continuing it’s bearish run for months, being traded now at $226.94, losing more than 8% in the day. ETH too had seen mid term correction after rising close to $300 and then being traded for the day at $290 after the sudden descent.
On weekly basis, Ethereum is down by more than 20% with monthly dip of more than 40% on its weekly chart.
Most of the top10 Coins have followed the dip of Bitcoin and Ether.
After the total market cap of the cryptocurrency Market fell from $238 Billion on September 5th to $201 Billion on September 6th i.e. more than $35 Billion were shaved off from the market in a matter of few hours.
Having said that, most of the coins are now recovering from the sudden descent. XRP is being traded now at $0.296444, up by more than 3% in the day with most gain experienced by IOTA and Dash with 7% and 6% in daily gain. Stellar too after its recent news on stellar blockchain integration for instant payments, seems to be up by close to 4% on the day, being traded at $0.205968.
Total market capitalization of the cryptocurrency market is lying just above $205 Billion as of now, down by more than $35 Billion from this week’s high of $240 Billion.
Twitter community was quite disgruntled with the recent dip with most users gawking at this unexpected dip in the market. Few tweets exclaimed at the low quality ICOs being the reason for fall whole some were asking for the reason of this descent.
eToro’s Mati Greenspan tweeted , “what was the reason behind the dip today?”: showcasing the current frustrated trader community mindset.