After a few days of stability, $10 billion was wiped off the total market cap in hours
After remaining stable over the first half of the week, an overnight drop has seen the market retrace and lose the gains made over the weekend. The total valuation jumped from $132 on Sunday and stood at around $137B during the early hours of Monday. This declined to $135 later in the morning, and the market fluctuated at close to this value over the rest of the day, and Monday with a total cap of $135B. The market then proceeded to gain 2% and run up to $138B by Tuesday afternoon before pulling back slightly. Despite the climb, Tuesday closed out with a market cap of $136B.
The market then moved within a $1B range over the next 24 hours and generally fluctuated between $136B and $137B for the whole of Wednesday. However, this stability was short lived as the total valuation plummeted during the early hours of Thursday. Approximately $10B was lost in just a few hours as the total cap dipped from $138B to $128B, a loss of 7.25%.
The daily trading volume stood at around $15B on Monday and dipped to $12B on Tuesday before climbing to hit $13.5B on Wednesday. However, an overnight surge in activity means that the 24 hour daily trading volume currently stands at $16.9B while the total market valuation stands at $128B.
BTC falls through $4,000
Once again, Bitcoin’s price movement’s had a significant influence over the total market and the price of BTC jumped from $3,890 to $4,100 on Sunday and BTC began the week trading at a price of around $4,090. Despite dipping over the day, the price remained relatively stable and Monday ended with BTC trading at $4,035.
The price dipped further early on Tuesday before going on to recover and BTC jumped by % and moved from $4,007 to $4,100 during the afternoon. However, a slight pullback saw the day end with BTC trading close to $4,035 once again. The price then moved within a $35 range over Wednesday as BTC appeared to be stabilizing.
However, the price plummeted in the early hours of Thursday and fell by 5.5% and moved from $4,055 to $3,830. Bitcoin’s daily trading volume stayed close to $4.5B for much of Monday and dipped to around $3.5B on Tuesday. After breaking the $4B mark again on Wednesday, the 24 hour trading volume currently stands at $4.75B while BTC is trading at $3,816 and retains a market cap of $66.7B. Bitcoin also enjoys a dominance of 51.9%.
ETH is down 13% on the day
Ethereum began the week trading at around $158 and declined in price over Monday, after dropping to £153 around lunchtime, the day ended with ETH at $151 as 4.4% in value was lost over the day. Tuesday saw the price recover from a morning dip and jump from $149 to $153. A pullback meant Tuesday ended with ETH at $150 and the price hit $153 once again early on Wednesday only to retrace to around $150 over the day.
However, the most significant price action took place during the early hours of Thursday and ETH fell from $150 to $132 in the morning. This represented a loss of 12% and broke the pattern of stability that ETH has displayed so far. ETH has been one of the more volatile currencies over the last 24 hours and could continue to move significantly as we approach the second half of the week.
Ethereum’s daily trading volume fell from around $2.5B on Monday to $1.8B on Tuesday. The volume hit $2B again on Wednesday and the 24 hour trading volume currently stands at $2.4B and ETH is trading at $132 and retains a market cap of $13.7B.