The cryptocurrency market experienced a slow start of the week, with the majority of the cryptocurrencies suffering modest losses and interrupting the positive streak from the previous week.
The price of Bitcoin, the most important and most popular cryptocurrency on the market, is around 9,100 dollars per coin. The price of Bitcoin went down by almost three percent and its market capitalization was around 158 million dollars yesterday. Recently, Bitcoin managed to reach 9,917 dollar per coin, but was not able to go over 10,000 dollars.
Bitcoin is followed by Ethereum, the second cryptocurrency on the market in terms of market capitalization. The price of Ethereum went down by 5.3 percent and its price was 745 dollars per coin. At the moment, the price of Ethereum is around 730 dollars. The market capitalization is around 72.5 billion dollars.
Ripple, the third cryptocurrency on the market dropped by almost four percent and its current price is around 0.80 dollars per coin, with the market capitalization of 31.7 billion dollars. Ripple is followed by Bitcoin Cash whose price dropped by 5.2 percent and its value is now at 1,574 dollars per coin, with the market capitalization of almost 27 billion dollars. The price of Bitcoin Cash dropped slightly more than the price of other cryptocurrencies on the top 10 list, because of the polemic generated by the false information shared on its web portal Bitcoin.com.
EOS occupies the position number five on the list and, despite the general drop of the market, this cryptocurrencies managed to maintain a constant growth of its price, which is currently around 18 dollars. With the growth of almost three percent, the market capitalization of EOS is around 15.2 billion dollars.
Next one on the list is Litecoin with a drop of 3.5 percent. The price of Litecoin is slightly below 160 dollars per coin at the moment, while its market capitalization is around nine billion dollars. Litecoin is followed by Cardano, who experienced a drop of 4.2 percent and is currently valued at 0.32 dollars per coin. Stellar experienced a drop of 4.5 percent and its price is currently 0.38 dollars, with the market capitalization of 7.1 billion dollars. Finally, the position number 10 is occupied by TRON. The price of this cryptocurrency dropped by 1.4 percent and its price is currently 0.08 dollars per coin. The market capitalization of TRON is 5.3 billion dollars.
The aforementioned losses of value occurred on the same day when the Japanese authorities established new standards for the cryptocurrency exchanges operating in the country. Moreover, some important people from the financial and tech sectors, such as Warren Buffet, Charlie Munger, as well as Bill Gates, the founder of Microsoft, expressed negative opinions about Bitcoin.
These events could be responsible for the general drop of the cryptocurrency market at the beginning of this week, but the drop could also mean that many people simply decided to sell their cryptocurrencies to withdraw the earnings accumulated during last month. When this happens, the prices usually go down.
Generally, the cryptocurrency market is currently experiencing a dropping tendency, with the price of 74 out of the top 100 cryptocurrencies on the CoinMarketCap list going down. However, this could only present a simple correction of price and we should remember that the market managed to recover 60% of its previous value in April and it could be early to talk about a possible change of tendency on the market.