The Crypto Market Struggles with Losses of $ 43 Billion Worth of Cryptocurrencies
On 12 August, Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH) recovered about 4% after $ 8 billion was added to the crypto space.
Saturday was a black day for more cryptocurrencies after the crypto market has recorded a loss of over $ 12 billion.
On Tuesday, the cryptocurrency market recorded $ 257 billion worth of transactions, due to the price resistance of more cryptos such as Bitcoin (BTC) and Ethereum (ETH), traded at $ 7,300 and $ 400.
In just five days, the two digital assets reached $ 5,980 and $ 305 respectively. $ 43 billion disappeared from the crypto market in just five days. It is normal that after such a decline the market is completely unbalanced and goes through a recovery period. Most cryptocurrencies have faced this weekend with considerable declines in values.
Ether has a poor performance
Ether recorded a poor evolution at the beginning of August, even though from January to July, the coin demonstrated its qualities. Several experts have argued that the devaluation of the coin was influenced by ICOs and blockchain projects that seem to have unbalanced the situation.
Will the market regain its value?
To stimulate the crypto market to increase not only by up to 4% but to 50% in its value, the crypto space and its participants will have to change several aspects and reverse the trend of the coins, and Bitcoin will probably be the currency that will influence the market the most.
It is difficult to predict the future of cryptocurrencies for the short term as the downtrend continues to persist. In this situation, analysts say that digital assets will remain at a lower price for a few weeks, after which they should initiate a rally. There is a low likelihood that virtual currencies prices will increase by 20% in the next weeks as Bitcoin succeeded in June.
Willy Woo, a crypto analyst who anticipated a drop in Bitcoin from $ 9,000 to $ 6,000 in late May, claimed:
“Just looking at Chris’ chart you can see BTC is much stronger this time around. (Comparing OBV indicators over the same time frame is a great way to see of this more clearly.) There’s a lot of buying going on behind the fear and capitulation.”
At the time of writing, Bitcoin is traded at $6,480.74, up 2.01%, Ethereum- at $321.93, down 0.71%, while Bitcoin Cash is traded at $586.59, up 2.13%.