The main cryptos on the cryptocurrencies market have experienced significant drops today, a trending followed by the rest of the crypto coins on the market.
Bitcoin (BTC) dropped significantly since yesterday and other coins have followed
The Bitcoin (BTC) seemed to be holding steady at between $9,000 and $10,000 in the past weeks, following a major downturn in the first several months of the year.
In the last few days, however, BTC price has declined to $8,000 and today it has experienced a larger decrease, trading at about $7,900 at this moment.
Other coins have followed this trending, therefore, Ethereum (ETH) dropped by 9.34%, Ripple (XRP) sheds about 7,80%, while the EOS (EOS) registered, at the moment of this article, the biggest drop among the top 10 cryptos, losing about 11%.
Cryptocurrencies market dropped about $37 billion in market cap since yesterday
In fact, since yesterday morning when the leading cryptocurrency of the market started to drop fast, as common, this trending was followed immediately by the rest of the crypto coins in the cryptocurrencies market, massively affecting the global cryptocurrencies market capitalization. During the past day, the total market cap of the cryptocurrencies market shed $12 billion, from $381.6 billion to $369.8 billion.
Today, the crypto market dropped even further reaching to $345 billion, thus, losing about $25 billion more, raising the total loss at $37 billion.
These shifts have no obvious reason, as has been the situation in recent weeks. Even though at the start of this year the massive drop in the value of all the cryptocurrencies has been attributed to the emergence of cryptocurrency regulations, there is currently no strong argument that can be considered to explain this decline, over and above the cash flows that are determined by the daily demand and supply.
The cryptocurrencies market often presents these fluctuations from one time to the next as a result of a spontaneous behavior of the investors.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.