In the course of recent hours, the cryptocurrency marketplace has recorded lost $18 billion, as all big cryptocurrencies including Bitcoin, Ether, Bitcoin Cash, and EOS declined by 4 to 13 percent.
While Bitcoin finished the day with a 4 percent decrease in its esteem, Ether, the digital currency of Ethereum, plunged by 13 percent against the USD, getting to be one of the most exceedingly terrible performing cryptocurrency with NEO.
Tokens recorded the sheer drop in their worth on August 11, as most Ethereum-based tokens, for example, DigixDAO, WanChain, Theta Token, Aion, Pundi X, Aelf and VeChain declined around 14 to 18 percent.
Bitcoin Breaks 50% Supremacy
First time in 2018, Bitcoin, the most prevailing cryptocurrency in the worldwide crypto market, has gotten 50 percent of the value of the crypto market share, anchoring its year-to-date (YTD) high on the price index.
The sudden increment in the supremacy index of BTC which corresponded with the spike in the volume of Tether has shown that speculators have turned out to be hesitant towards taking high risks and high return trades, for the most part, because of the absence of trust in the transient pattern of the crypto market.
In the course of recent weeks, tokens have declined more than 50 percent of their incentive against BTC, which has additionally fallen by in excess of 20 percent since July. For example, EOS, named as “Ethereum Killer,” has dropped 50 percent of its market value in the previous 30 days, because of the precariousness and unpredictability in the market.
As of late, the volume of Bitcoin and whatever remains of the cryptocurrency market have considerably declined. In late July, when Bitcoin started a promising jump to the higher end of $8,000, its volume neared the $6 billion mark.
On August 11, the volume of Bitcoin stays beneath $4.4 billion while the volume of Tether (USDT), a stablecoin whose price is said to that of the US dollar, has expanded to $2.8 billion, more than $1.2 billion more than the volume of Ethereum.
Since July, traders have found that the value pattern of small-cap tokens follows the value pattern of EOS and XRP. In the previous 24 hours, Ripple and EOS have declined 11 percent of their value against the USD.
In Which Direction Market will ahead?
Due to the excessively solid downtrend of all big cryptocurrencies, the crypto marketplace to take part in a huge mid-term bull run, the market would need to scrape the bottom at a lower price range.
Recently, on August 10, many analysts observe BTC testing a noteworthy support level at around $5,800.
In the event that the decline of Bitcoin continues in short term as it was in February, April, and May, BTC will probably fall beneath $6,000 in the forthcoming days, potentially bottoming out at $5,700 to $5,800, as a few experts foresee.
If Bitcoin fails to hold its momentum in $5800-$5700 regions then its very much possible that bitcoin will test $5500, which may prompt a further decline in the crypto marketplace.