Upheavals in the cryptocurrency market continued this week as well. The total value of all publicly traded cryptocurrencies such as Bitcoin, Ethereum, Ripple etc. declined by more than $10 Bn in the last 24 hours. Because of the selloff, the market has now declined from a peak reached in mid-June, when it set an all-time high of $115 Bn to $75 Bn.
In just over 30 days, the market has fallen 46.9% to a low of $61 Bn. However, yesterday (July 17, 2017) did see some recovery in the prices of both Bitcoin and Ethereum. This helped the market bounce back to $75 Bn today.
Last week, the market capitalisation of cryptocurrency had fallen down by $16 Bn.
As per the latest data by Coin Marketcap, the total market cap of the cryptocurrency market stands at a little more than $75 Bn with Bitcoin’s dominance capping at $35 Bn or 47.1%.
As can be seen from the chart, Bitcoin’s market cap still continues to be more than twice as valuable as Ethereum, and about six times as valuable as Ripple. That gap could grow if the crypto market correction continues.
The Bitcoin price has become increasingly volatile as the August 1 deadline approaches where technical developments in Bitcoin may lead to a chain split. Consequently, last week, its price fell to below $1,900 before recovering 6.4% yesterday. Today, it stands at $2,200. Overall, the figures observed for both Bitcoin and the total cryptocurrency market were the lowest since late May.
The ongoing debate over bitcoin’s technical roadmap, as well as uncertainty over how planned upgrades unfold could further lead to more crashes this month. In just over 30 days, the price of Bitcoin has fallen 38% from $3,018 in June to a press-time low of $1,866 last week.
Like Bitcoin, Ethereum too witnessed falls and rises in the last week. The reason behind this is that its technology, Ether’s, market has been similarly hit with sell pressure. The Ethereum price fell to a low of $134 last week but rebounded yesterday to $177, thus spearheading the cryptocurrency market recovery yesterday.
Nevertheless, despite yesterday’s recovery in the cryptocurrency market, the next few weeks look to be a trying time for Bitcoin, Ethereum, and the cryptocurrency asset classes after the widespread gains they registered in the first quarter of 2017.
(The development was reported by Coindesk)