Sunday, September 8: the cryptocurrency market is currently showing red nearly all across the board, with Ethereum currently being the major coin with the most marked decline.
According to Coin360‘s market visualization, nearly all the larger coins are showing losses over the last day. The few outliers are currently EOS and Dash, which are, however, only slightly in the green.
Nonetheless, the markets have recuperated somewhat after a sharp decline in the price of Bitcoin earlier today, which can be seen in the included picture from Coindesk.
Bitcoin plummeted from nearly $6,400 to a low of less than $6,150 in a matter of minutes, where the cryptocurrency stayed until it recuperated and rose to around $6,400 just as sharply as it had dropped earlier.
At the moment, Bitcoin is commanding a price of approximately $6,400 against the US dollar, which is somewhat down compared to its price 24 hours ago.
If the current bearish trend continues, Bitcoin will soon approach its long-time low of around $6,100 – a barrier which has not been broken since Bitcoin increased rapidly during November of 2017.
If this becomes the case, it will remain to be seen whether Bitcoin’s support level around $6,000 will continue to hold. One should remember that this level has been held for the entire year so far, and dropping below this would therefore represent a significant negative break.
Ethereum, on the other hand, is currently worse off than Bitcoin and is facing a major drop to nearly $200. At the time of writing, the US dollar price of Ethereum is $202.60, which constitutes a decrease of 6.88% over the latest 24 hour period, as seen in the below diagram from Coindesk.
Whilst it currently remains clear what the definitive trigger for the drop in Ethereum’s price was, observers have pointed to general market weakness as facilitating the recent losses currently experienced. Moreover, this extends Ethereum’s 12-month low even further.
Analysts have speculated whether Ethereum’s bearish trend could be due to faltering support for ICOs, as some of these have, as of yet, failed to drive further adoption and innovation within the cryptocurrency industry, and with some investors offloading their Ether during the current bearish market trend.
The overall cryptocurrency market capitalization is also somewhat down, although not by a substantial amount. At the moment of writing, the total cryptocurrency market cap sits at approximately $199 billion, meaning it is now below $200 billion.
This means that the total cryptocurrency market capitalization has now decreased by 140 billion during the past three months, further showcasing the current bearish market trend. This can be seen in the attached chart from CoinMarketCap.
Nearly all of the other major cryptocurrencies, including Bitcoin Cash, Litecoin, Stellar, Ripple, and Monero are following this wider market trend, and have all lost between 1% – 4% during the past 24 hours.
It would, therefore, seem as if the downward price trend for both Bitcoin and the cryptocurrency market as a whole is continuing. Nevertheless, it remains to be seen whether it will stretch on into next week or if the markets will rebound.
Photo by David McBee from Pexels
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.