The cryptocurrency market lost around 10% of the total market capitalization yesterday and then stabilized at around 300 billion dollars. Today, however, the total market capitalization dropped to 267.8 billion dollars, which presents another drop of almost 10% in the last 24 hours.
The price of Bitcoin, the world’s most popular cryptocurrency, dropped below 6,500 dollars for one coin at the beginning of Wednesday. At one point, the main cryptocurrency managed to recover slightly, but then it reached the lowest value for today with the current price of 6,296 dollars per coin, which presents a drop of almost five percent.
Out of the first ten cryptocurrencies according to CoinMarketCap, the drop of the price of Bitcoin is similar to the drops of other cryptocurrencies on the market. When it comes to Ripple (XRP), the cryptocurrency lost 8.2% of its value and it is currently standing at 0.52 dollars per coin. TRON (TRX) is among the cryptocurrencies with the highest drop. The price of this cryptocurrency dropped by 12.03% and its current price is 0.04 dollars per coin. The total drop of the altcoins on the cryptocurrency market reached almost ten percent and their market capitalization went from 181 billion dollars to 162 million dollars.
Emercoin is the only cryptocurrency on the top 100 lists that showed positive movements with a light growth of 0.5% in the last 24 hours, although there were no relevant news on its official website, nor on its social networks account that could be linked with the growth of its value, especially when compared to the general drop of all the other cryptocurrencies on the top 100 list of CoinMarketCap.
On the three main cryptocurrency exchange platforms according to daily volume (Binance, OKEx and Huobi), Bitcoin, Ethereum and EOS together represent more than 30% of the total daily volume. On Bithumb and Upbit, the two cryptocurrency exchanges that occupy the positions number five and six on the list, EOS showed the largest movement with a volume of more than 30%. One of the possible reasons for this increase of the trading volume of EOS is the delay of the definitive launch of the main network of this cryptocurrency.
Despite the general depreciation of the cryptocurrency market during the first half of this year, this does not have effects on the level of activities in the cryptocurrency ecosystem. The adoption of Lightning Network keeps growing and each day more firm steps are taken towards the development of solutions such as the Atomic Swaps.
Moreover, in the area of the initial coin offerings (ICOs), the funds raised until now are more than double the funds raised during the entire last year, according to Coinschedule. 210 ICOs that took place last year managed to raise 3.88 billion dollars. When compared with this year, we have a growth of 158%. Since January this year, the amount of funds raised surpasses 10 billion dollars.
All the happenings and movements on the cryptocurrency market since the beginning of this year gives us reason to think that these correction are necessary after the abrupt and enormous growth of the cryptocurrency market in the last quarter of last year.