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The cryptocurrency markets posted a multi-billion dollar decline on Wednesday, with the vast majority of senior coins declining minor. The price of bitcoin dropped to $ 5,631 after threatening to drop, while the price of the Ethereum dropped back below the $ 300 mark after reaching that point the day before.
Graphic taken from CoinMarketCap
These minor declines resulted in a $ 2.6 billion decline in the total market capitalization of cryptocurrency. Crypto market capitalization started the day at $ 169.2 billion, but began to slide early Wednesday morning, dropping sharply below $ 162 billion before returning to $ 166.6 billion.
Chart by CoinMarketCap
The Bitcoin price flirts with $ 5,400
The price of bitcoin fell again by 1% on Wednesday, but the damage could have been worse. Early this morning, the bitcoin price briefly dropped below $ 5,400 for the first time since last Wednesday, but has since recovered to $ 5,631. Nevertheless, this represents a drop of more than $ 550 compared to the record number of bitcoins last week. Bitcoin now has a market capitalization of $ 93.7 billion.
Bitcoin's Thumbnail from CoinMarketCap
As NCC reported yesterday, some of this decline should be attributed to the Bitcoin Gold fork. The blockchain snapshot took place on Tuesday morning, freeing traders to sell their bitcoins while still receiving a maximum of bitcoin gold. Bitcoin Gold is not expected to have much value, but neither traders nor investors want to leave any "free money" potential on the table.
Ethereum price less than $ 300
The price of the Ethereum has continually climbed the $ 300 mark in October. Despite increases of up to $ 348 and declines as low as $ 279, the Ethereum continues to wind up in the orbit of $ 300. On Tuesday, the price of the ethereum had soared to $ 312, which may have given investors hope to come out of its recent recession. However, ethereum has finally been brought down to the $ 300 level and is currently trading at $ 297. Ethereum now has a market capitalization of $ 28.3 billion.
Ethereum CoinMarketCap price quote
The price rally of Altcoin lasts one day
On Tuesday, traders began reinvesting capital in the markets altcoin, restoring a little balance with the total market capitalization of crypto bitcoin. Unfortunately for altcoin investors, this phenomenon does not currently seem to be moving towards a trend, as altcoins fell back down on Wednesday.
Altcoin CoinMarketCap Price Table
The stock price fell 2%, bringing its market capitalization to $ 7.9 billion after reaching $ 11 billion on October 16th. Bitcoin lost 1%, while Litecoin declined by 5%.
Litecoin CoinMarketCap Price Table
Dash and NEM decreased by about 1% each, while NEO decreased by 4% to just under $ 30. Bitconnect, continuing its habit of countering the prevailing trend, has slightly advanced to place its price at just a few cents of $ 200. Monero completed the top 10 with a 3% drop that reduced his price to $ 87.
Image from Shutterstock.