It’s another bloodbath in the crypto market with a majority of the top 100 cryptocurrencies showing signs of an exhausted bull market. In fact, Bitcoi’sn price is at it again with signs of another impending drop below the $10,000 mark if CoinMarketCap’s data of the overall market capitalization is anything to go by.
February 20th saw the price of Bitcoin rise past $11,958 only to fall back to a price of $9,958, cutting short the gain.
Could Bitcoin’s Price Fall Further Once Again?
On Tuesday, Bitcoin seemed poised for a rally to near the $12,000 mark, which would have been impressive; especially after the very recent dip that had brought down its value to about $6,500 per BTC. Its current drop shows a price cut of about $1,500 as the flagship cryptocurrency posted an eight percent decline.
With a market capitalization of $175.2 billion, there is no doubt that Bitcoin still holds the lion’s share of the market, with clear indicators of its influence among traders. However, with regards to the decline, the metrics do not show any sign of a near recovery as the traders who bought the dip are currently selling off to secure a profit.
Ethereum’s Price Holds Steady?
The first second-largest coin by market cap, Ethereum now boasts of a market cap that is south of the $80 billion mark, with its price steadily moving back and forth at around the $825 mark. According to data from Bitfinex, Ethereum now controls a market share of about 18 percent.
Bitcoin Cash the Biggest Loser
Among the top 10 cryptocurrencies, Bitcoin Cash stands as the biggest loser with a drop of over 10 percent over the past 24 hours. Compared to its $1641.40 rise that happened recently, the coin has now made a 24.11 percent drop.
Ripple Taking a Beating as Well
The San Francisco-based startup has not been spared either, even with the addition of five new payment clients for its platform in four different countries. In addition, news about Ripple (XRP) releasing a whitepaper detailing an upcoming upgrade to its technology has gone almost unnoticed by an otherwise headline-sensitive community. The overall dip has seen the price of Ripple drop by close to 25 percent from its February 10th rise of up to $1.3.
Litecoin and Cardano have also seen a decline, shedding previous gains by over 6 percent with prices that have currently settled at about $205 and $0.32 respectively.
What do you think the fate of cryptocurrencies is? Will we see another bull run with skyrocketing prices soon? Share your thoughts and opinions with us in the comments section.