The fall of Bitcoin price pushes the cryptocurrency market below the $300 billion level. Bitcoin price slumped below $8,000 once again on Tuesday and took a long drag. Broader markets failed to make more money. It also put the cryptocurrency market at risk of falling below the $300 billion mark.
Currently, the market is worth $301.8 billion.. On Monday, it was $320.4 billion.. So it looks like a 6% single-day index drop.
Total market trading volume
Will Bitcoin price continue to decline?
Bitcoin price on Tuesday continued its downward trend. Bitcoin, the flagship of cryptocurrencies, spent most of the day around $ 8,000. While Bitcoin has resisted further downward pressure so far, it is unclear whether this support level will hold. At the time of writing, Bitcoin price is trading at $7,945 on Bitfinex, which translates to a market cap of $135.4 billion.
Bitcoin price chart
Ethereum price continues to struggle
Ethereum price, on the other hand, closes the index with a one-day drop of 8%. Currently, Ethereum is priced at $460 on Bitfinex, down from around $500 the previous day. Ethereum currently has a market capitalization of $45.3 billion.
Etereum Price Chart
The famous cryptocurrency exchange Coinbase announced yesterday that it is adding ERC20 support, which set the standard for Ethereum-based tokens, to its systems. announced that he was planning. Despite this statement, Ethereum price decline continued. It is stated that Ethereum-based tokens may be featured on the firm’s cryptocurrency exchange and brokerage platform in the future.
However, it has been revealed that the cryptocurrency mining hardware manufacturer Bitmain has developed the first Ethereum ASIC miner. This could spark discussions about centralization if these miners are released before making the transition to a proof of Ethereum (PoS) consensus algorithm.
Bitcoin vaporized the altcoin exchange as it consolidated its position
Broader altcoin markets posted unindexed dips, allowing Bitcoin’s market share to rise as much as 45 percent. The vast majority of these altcoins brought negative returns to investors.
Altcoin price chart
Ripple and Bitcoin Cash prices managed to stay in the index. However, it recorded decreases of 24 percent and 3 percent, respectively.. Meanwhile, Litecoin and EOS trailed the index with losses of eight percent and nine percent, respectively. Litecoin is now priced at just $141, while EOS is priced at $5.54. and NEO each dropped six percent, while IOTA fell seven percent.