Crypto Market Back At Yearly Lows
The market has continued on its general downturn so far this week and has consistently dipped in value since Monday. The week began with a total valuation of around $134B during the early hours of Monday, and this soon fell to $130B. After stabilizing over the morning, a later drop saw the total cap fall to $124B during the afternoon, and after recovering slightly, Monday ended with a total cap of $126B, as around 6% of value was lost over the day.
Things improved slightly on Tuesday as the market jumped 2.3% to hit $129B during the morning, and the recovery continued into the afternoon as the total valuation hit $131B. However, this signaled the start of a sustained pullback as the total cap declined over the rest of the day and Tuesday closed out with a valuation of $127B. Despite slowing down, the decline continued on Wednesday as the market fell to $121B during the evening. The day came to an end at the same valuation as $13B or 9.7% of value was lost over the first three days of the week. However, after dropping to $119B overnight, things have improved slightly but in recent hours, the market took a bad turn as it's trying to find support at yearly lows.
Trading has been extremely consistent so far this week, with the daily trading volume moving within a $2B range and veering between $10B and $12B. The 24-hour trading volume currently stands at almost $11.5B while the total market valuation stands at $119B.
Bitcoin At Yearly Lows
Bitcoin has dropped significantly in value so far this week, and began the week trading at a price of approximately $4,150 on Monday; however, BTC soon fell to around $4,015 as the morning progressed. After recovering slightly, the price dipped by 3.2% and dipped to $3,885 in the early evening. Monday ended with BTC trading at around $3,920, and things improved on Tuesday as BTC jumped by 3.8% to hit $4,070 during the afternoon. However, this led to a sustained decline as the price slumped well into Wednesday. After ending Tuesday at $3,950, BTC then fell to $3,795 during Wednesday evening. The price broke the $3,800 barrier during the early hours and Bitcoin continues to fluctuate at around that price range.
Bitcoin’s trading volume has generally stayed between $3B and $3.6B so far this week, with the majority of trading taking place on Wednesday as the daily volume hit $3.6B. The 24-hour trading volume currently stands at $3.5B while BTC is trading at $3,750, a new 2018 low, and retains a market cap of $65B. Bitcoin also enjoys a dominance of 54.9%.
Ethereum Drops Under $100
Ethereum has also declined over the week so far and started out trading at around $116 on Monday. The price then dropped by 6.8% and fell to $108 during the evening, and Monday closed out at the same price. The price recovered on Tuesday as ETH hit $112 during the morning before going on to peak at $113. However, similar to BTC, Ethereum then declined consistently and ended Tuesday at $110 before dropping to around $104 on Wednesday. ETH lost a further 3.8% as the price fell to $100 during the early hours but failed to bounce off the psychological level, and is currently trading at $98.72, the lowest since May 2017.
After starting the week with a daily trading volume of around $1.2B, ETH has experienced a surge in activity over the last 24 hours as the daily volume has broken past $1.5B. The 24-hour trading volume currently stands at $1.6B and ETH retains a market cap of $10.2B.