This weekend was not easy for crypto assets, for sure. More specifically, almost all cryptocurrencies recorded significant losses in just 48 hours.
Massive drops on the market
Some of the analysts are rather optimistic and say that this is only a temporary situation, but other investors are getting seriously worried.
For ETH investors, its network breakdowns appearing in only a few minutes intervals for the last few days, mean that the Ethereum price
may fall below $200. This would not only be a serious obstacle for the assets, but it would also expose them to even greater losses.
At the moment, Ethereum has recorded a decrease of more than 15%, trading $226
. One of the most important aspects of today's rate movement is the fact, that the volume has increased exponentially with daily volume above $11 billion
. This means that the last breakdown was caused by a huge sale, and in the coming hours, it will be easy to notice a drop below $200.
Bitcoin is not the only victim
Other cryptocurrencies have also suffered in the last 24 hours. Bitcoin
, the leader in the cryptocurrency market, recorded a decline of around 7%.
BTC is currently trading below $10,400, and one can expect further drops to $9,000 - inform some of the analysts.
In the case of most other cryptocurrencies, the recorded falls range from 5% to 20%. Since then, the total market cap has fallen below $280 billion
What next with Ethereum?
Earlier today, Ethereum dropped to $210, and some exchanges recorded prices below $190. This type of slip is what is best avoided if investors want to keep their hopes for a jump to $300.
As Bitcoin still dominates over other cryptocurrencies by more than 65%, altcoins will have to wait for a reversal of the leader's situation. If this happens after the BTC drops below $10,000, the alts may see even more losses.