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Bitcoin Holding Gains, while the market of crypto Slump Again

Bitcoin Holding Gains, while the market of crypto Slump Again

August 14, 2018 5:34 am,

In the crypto market, Bitcoin is trading up by about 0.1% over the past 24 hours. The Bitcoin cryptocurrency is at the $6,438 price mark at the time of press, following a dip to as low as $6,051 earlier that day. After rising to $8,230 on July 25, 2018. BTC is down 8.5% this week. However, the coin is still up by 1% over the past 30 days despite market of crypto being down.

Ethereum (ETH) after losing the $400 support this Monday has plunged to as low as $306 today. Presently, ETH crypto is now trading at $327, with its price 8% down over the 24-hour period. This crypto coin has experienced the heaviest losses among top ten coins by market cap on that day. Ethereum (ETH) has lost 25% of its value from past 30 days, and more than 50% over the past 3 months.

In top 20 crypto altcoins by market cap, EOS and IOTA altcoins have seen huge losses over the past seven days, according to the local newspaper. During the time of press, EOS was trading at $5.23, having lost around 25% of value over the past few weeks, while IOTA is down by 36% in this week, and hence it was trading at $0.54.

Total market capitalization has dipped to as low as $206 billion today, but the markets have managed to retrace some of those losses, bringing the number to $216 billion as of press time. While the total market cap has fallen very badly and not seen since mid-November last year, the number of all digital currencies has recently surpassed 1,800, according to the report by the local newspaper.

CEO Dan Morehead of Pantera Capital claimed that crypto markets are reflecting some overreaction from the investors. According to Dan Morehead, many of them have mistaken the importance of the recent postponement of the U.S. Securities and Exchange Commission’s (SEC) decision on a Bitcoin exchange-traded fund (ETF) application by companies VanEck and SolidX.

In addition to this, he recommended investors to focus on this Intercontinental Exchange’s (ICE) announcement of its own crypto platform.

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