Fundamental analytics

Bitcoin declined by 4%, ethereum dropped by 5%

Cryptocurrencies

Bitcoin capitalization dropped by 20 billion dollars for the past 24 hours, while the price for one digital coin of bitcoin cryptocurrency fell below $ 6,300.

Sales in the bitcoin market intensified in early European trading today, while a sharp drawdown was recorded for the total market volume. The market recorded a 7 percent drop from $ 274 billion to $ 252 billion in a short period of time. Bitcoin dcline from $ 6,730 to $ 6,300 led to more pressure amid another crypto markets which also experienced increased sale-off pressure.

Last week, bitcoin volume recovered slightly to about $ 5 billion, after falling below the $ 3.5 billion mark. This week, the bitcoin volume fell to 3.9 billion. In the coming days, if the bitcoin price cannot immediately rebound to $ 6,700 in the next trading session, testing the $ 6,000 mark is very likely.

It is not yet clear what caused the fall of the leading crypto currency, but it is obvious that such large-scale sales were caused not only by technical factors, but also have news or fundamental backgrounds. Earlier it was reported that MyEtherWallet, a popular crypto currency open-source wallet that supports chrome, reported that the chrome extension was hacked, which immediately led to an increase in user activity of MyEtherWallet.