The crypto market has slightly recovered over the past 24 hours but is still in the red, after the prices of Bitcoin and Ether led a new drop which saw the market go below $200 billion.
At press time, the total cryptocurrency market cap is somewhere around $203 billion, a number which can soon change. Since August 14th when every major cryptocurrency in the market has plunged, investors are finding it difficult to record gains off their investments.
Still, this may be a good time for buying cryptocurrencies – which is probably what has been happening over the past 24 hours – hence why the prices of Bitcoin and Ether rose. Currently, Bitcoin is standing still at $6,348 while Ether remains below the $300 mark, standing at $282.
Bitcoin Cash, EOS, Litecoin, Ethereum Classic, Ripple and other cryptocurrencies recorded a drop in the range of 15% to 20%, which was triggered by a massive sell-off across the major cryptocurrency exchanges.
There were three major drops in the cryptocurrency market this year. In February, April and June, Bitcoin tested the $6,000 support level and surged to the region of $9,000 to $11,000 over the past few months, only to fall back to $6,000 which is its current position.
If Bitcoin now falls below the $5,800 mark and moves below to the $5,000 region, it is expected that other major cryptocurrencies will suffer and follow the downside trends as well.