Crypto Market Falls From $239 Billion to $186 Billion in 1 Week as BTC Dominance Hits 57%
Crypto Market Update: Digital Currency Sector Loses 40 Bln Within 5-Day Span
Just a week back, investors were beginning to think that Bitcoin was once again on its way to making another strong market push, even touching a relative max of $7400 last Sunday. However, since then the economic bloodbath that has ensued has left almost all of the top ten alt-coins in the market licking their wounds.
For example, Bitcoin has not been the only one affected by the immense bearish pressure that has engulfed the digital asset market over the past week, other top players including Ethereum, Cardano, XRP, EOS, Tether have suffered a similar fate and have seen a dramatic drop in their trade value.
Despite Waning Crypto Support, Coinbase CEO Remains Optimistic
While market analysts such as Mike McGlone have held strong to the notion that currencies such as BTC, ETH will continue their downward spiral, even going as far as saying that “Ether will most likely touch a price point of $155 by the end of this year”, Coinbase CEO, Brian Armstrong, remains highly optimistic about the growth of the digital currency market.
In an interview with TechCrunch, Armstrong was noted as saying that owing to the total growth of the digital token market as a whole, he sees the emergence of newer blockchain based applications and technologies that will see more than:
“1 Billion people enter this burgeoning market space within the next five years”.
What’s Causing This Sudden Downturn?
In addition to Vitalik Buterin, co-founder of Ethereum, stating that the blockchain domain was nearing its economic ‘ceiling’, he also said that investors should no longer hope for a market boom like the one that was previously observed late last year.
Expounding further on the issue, Buterin added:
“If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.”
Similarly, the US SEC also announced yesterday that it was suspending the trade of two seperate crypto-related securities— citing issues related to investor confusion as the primary cause. The temporary ban is all set to be in place till the 20th of this month, but the effects of the suspension have already started to become visible.
Other News From Across The Globe
Uzbekistan All Set to Legalize its First Cryptocurrency Exchange: As part of a new Memorandum of Understanding (MOU) between the Uzbeki Government and the Korean Blockchain Business Association, the central-Asian nation is all set to legally establish its first cryptocurrency exchange.
Ripple General Counsel Makes Her Exit From Firm: Brynly Llyr, who joined Ripple back in 2016 has announced her decision to leave the company amidst news that the company was facing a set of fresh new class-action lawsuits.
Crypto Market Plummets to a 10-month Low: As on September 10, the total market capitalization of the alt-asset domain has dipped by a staggering $630 Bln within the space of 10-months.
While the bears seem to be out in full force, many pundits are still optimistic about the fate of the crypto market. If Bitcoin can lose more than $500 in one day, why can't’ the opposite come true as well?