There has been a huge sell-off in the Cryptocurrency market since after Bitcoin hit an all-time high of almost $42,000 three days ago. This should be as a result of investors taking away their profits.
As at this morning, both BTC and a number of other digital coins tanked and the occurrence has led to a decrease of about $180 billion from the total Cryptocurrency market cap.
According to Coinmarketcap, the market value of the Crypto market about now 1pm UTC is $938.01 billion with a 24hr decrease of 12.89%. We can recall that a day ago, the market cap was at over $1.1 trillion. It therefore means that investors of various coins are busy taking off gains as even alt coins prices seemed to rally up alongside BTC.
A 1-week Chart on Coinmarketcap showing market price and market cap of Bitcoin
The market price of Bitcoin at the moment has dipped over 15.25% in the last 24hours according to CMC. It's market price is $34,938 as at the time of posting this article.
As investors continue to buy, the coin will regain momentum gradually. The world is beginning to see the coin as a hedge against inflation. Chamath Palihapitiya, A professional social capitalist last week mentioned that Bitcoin could go over $100k sometime soon. With top Financial experts saying this things about this coin. There is still room for it to attain subsequent ATH's in few months from now.
Disclaimer: This is not a financial advice.
Posted Using LeoFinance Beta
Great!
When too many traders tend to take profits globally, it affects the crypto market cap.
Posted Using LeoFinance Beta