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Crypto markets have made a clear decline today, after – for the first time in three weeks – the price of bitcoin did not set an all-time record on Friday. Instead, bitcoin posted a minor drop towards $ 5,800 and almost every first-rate cryptocurrency followed suit. Bitcoin in cash, however, jumped to its highest note in almost two weeks.
Graphic taken from CoinMarketCap
In total, the total market capitalization of cryptocurrency posted a 24-hour drop of about $ 2 billion. After breaking the $ 171.7 billion mark, the crypto market ceiling fluctuated throughout the day, but it finally dropped below $ 170 billion to reach $ 169 billion. $ 7 billion.
Graphic taken from CoinMarketCap
The price of bitcoin is $ 5,800
On each of the last two Fridays, the price of bitcoin jumped to another significant level and set a new all-time high. First, bitcoin overcame the psychological barrier of $ 5,000, then, to everyone's surprise, he followed the next week with a $ 6,000 push. To date, however, the price of bitcoin has not been able to exceed $ 6,000 – a hint that Wall Street strategist Tom Lee has set a price target for the middle of the year 2018.
Bitcoin's Thumbnail from CoinMarketCap
Nevertheless, the price of bitcoin flirted with this threshold throughout the week, even reaching $ 5,988 early this morning. However, this brief rebound slowed, and the price of bitcoin fell to the current value of $ 5,819, which represents a daily decrease of 1.5%. Bitcoin now has a market capitalization of $ 96.9 billion.
The price of Ethereum approaches $ 300
The price of the Ethereum continued to float near $ 300, ultimately posting a 24 hour drop of about half a percent. Ethereum is currently trading at a global average of $ 298, giving the second cryptocurrency a market capitalization of $ 28.4 billion.
Ethereum coin coin CoinMarketCap
Bitcoin cash rallies
The majority of the top 10 cryptocurrencies recorded remarkably consistent minor daily declines. Ripple, litecoin, bitconnect and NEO all lost about 1%, while dash, NEM and monero all fell by 2%.
Altcoin CoinMarketCap Price Table
Nevertheless, a cryptocurrency defied this trend: bitcoin money. The bitcoin spot price has been steadily declining since mid-August, eventually reaching a low close to $ 300. However, the Bitcoin spot price climbed more than 10% last week – and 7% in the last 24 hours alone – to $ 367. This is the highest rating bitcoin has held for nearly two weeks, and has raised the market capitalization of the BCH to $ 6.1 billion.
CoinmarketCap Bitcoin Cash Price Graph
It is unclear what drives this rally, but one theory is that bitcoin gold – another fork of bitcoin – is trading at just $ 125 during its early trading days. Some analysts thought that if gold bitcoin gained popularity, it would be at the expense of bitcoin money because conventional wisdom says that the following bitcoin forks will have diminishing returns. But since gold bitcoin does not currently seem to be a threat, this can give traders a minimum of optimism about the potential for bitcoin money.
Image from Shutterstock.