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The Cryptocurrency Market Starts the Week With Strong Decline

The cryptocurrency market started the week yesterday with the majority of the cryptocurrencies going down.

In the case of Bitcoin, the world’s most popular cryptocurrency, the price went down below 8000 dollars, to 7,936 dollars per coin. The market capitalization of Bitcoin was at 134 billion dollars, according to CoinMarketCap. This means the price of Bitcoin went down by more than 500 dollars in one day.

Bitcoin was not the only cryptocurrency that was affected. It was a general decline of the cryptocurrency market and some cryptocurrencies suffered strong declines. When it comes to Bitcoin, yesterday it had the lowest price in the last seven days.

Likewise, the Bitcoin’s network value to transactions ratio (NVT) declined by more than 80 points to around 160 points. The network value to transactions ratio is calculated by dividing the value of the Bitcoin network by the value of the transactions volume. If the result is over 100 points, that means the investors are considering Bitcoin to be a profitable long-term investment.

On the other hand, Ethereum, the second most important cryptocurrency on the market declined by 9.4% to 472 dollars. Next, Ripple dropped 9.5% to 0.5 dollars, Bitcoin Cash lost 7.3% of its value and dropped to 898 dollars, while Litecoin saw a drop of 10.8% with the price of around 142 dollars per coin.

When it comes to the market capitalization, the rest of the cryptocurrencies on the top 10 list also lost some of their value yesterday. EOS lost 14,7%, Cardano 14.6%, Stellar 9.6%, NEO 12.8% and IOTA lost 9.1% of its value. According to CoinMarketCap, among the first 100 cryptocurrencies, only six of them showed positive movements yesterday: Tether, Verge, Ontology, Bytom, 0x and GXChain.

It is worth mentioning that a number of social networks decided to ban the ads related to the cryptocurrencies and the initial coin offerings (ICOs), which could have had negative effect on the cryptocurrency market. The most recent network to ban the crypto ads is Twitter. The ban was officially confirmed yesterday and it goes into effect today.

Twitter is the third big social media platform to ban the ICO and token ads this month, after Google and Snapchat. Back in January, Facebook and Instagram decided to do the same, which means the list of social networks that banned this type of ads is now bigger and includes some of the biggest and most important platforms.

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