Bitcoin and Ethereum Price Forecast - BTC Prices Continue to Crash

Bitcoin and Ethereum Price Forecast - BTC Prices Continue to Crash

The price is a far cry from bitcoin's all-time high of nearly $20,000 back in December 2017.

The total market capitalization of virtual currencies dropped to $193 billion.

As per the global charts on CoinMarketCap, the cryptocurrency market has dipped to a low of $189 billion which is the lowest in the last nine months since November 2017.

On August 14, as the BItcoin price dipped below the $6,000 mark, the valuation of the crypto market plummeted below the $200 billion mark.

A late Saturday reversal continued into the early hours of Sunday morning, with Bitcoin pulling back to a start of a day intraday low $6,162 before recovering to $6,300 levels, the day's low steering clear of the first major support level at $5,998.23 and more importantly sub-$6,000 levels.

The last time Bitcoin dominance was above 50% was on 19th December, where it controlled 50.54% of the market.

Part of the reason for the massive decline in token pricing is increasing Bitcoin dominance, which is pulling investments from altcoins with unproven or presently unutilized products.

#GamingBytes: How to install Fortnite on your Android phone?
Notably, Fortnite is now available for Xbox One, PlayStation 4, Nintendo Switch, PC, iOS, and select Android handsets. At present, Epic Games has not addressed the performance issues now affecting players on 4G devices.

As BTC recovered to $6,400 from $5,950, the price of tokens such as Ontology and VeChain increased by 20 to 30 percent against the USA dollar, becoming the best performing currencies in the market on the day.

This represented BTC's high point where the price almost reached the $20,000 mark. The price of the cryptocurrency also dropped while Bitcoin dominance increases.

"What began earlier this week as a rout in the Turkish lira has quickly spread throughout all markets and now it seems to be affecting the cryptos as well", said Israel-based Mati Greenspan, senior market analyst at eToro.

Altcoins witnessed an upswing previous year, where ICOs and overly-ambitious projects became a crypto investor's preferred investment vehicle.

He explained that in the Bitcoin futures market, investors are incentivized to intentionally bring down the price of Bitcoin to cash out their short contracts and the simultaneous movements of a large number of retail traders to dump BTC on the market may have caused the previous drop.

The world's largest cryptocurrency, Bitcoin, followed the downward trend to fall below $6000 early in the session.

Related Articles