- Total market capitalization of cryptocurrencies reaches its monthly low
- Bitcoin (BTCUSD on xStation5) increased its total market capitalization, while Ethereum (ETHUSD) decreased
- Overall daily trading volume dipped below $2bn
Interest of cryptocurrencies has substantially increased over the course of recent weeks or even months, however some signs of fatigue can be noticed as the total market capitalization of all known cryptocurrencies dwindled yesterday below $90bn. It could raise some concerns as the markets tended to stay above the $100bn threshold in the past few weeks.
If this trend persists, it could be a canary in a coal mine in the eyes of all who are interested in investing in the cryptocurrency market. If so, a buying pressure on virtual currencies could subside as investors might put at risk their future.
On the other hand, taking a look at the percentage share of a specific currency one could spot that Bitcoin increased its total market value by more than 4% to 45.8% while Ethereum’s capitalization shrank almost 3% to 23.7% just in the past week.
Moreover, it’s worth adding that the overall daily trading volume of all cryptocurrencies dipped below $2bn with Bitcoin being the most tradable digital currency accounting for as much as $461m. It’s unclear why both total capitalization and daily trading volume are so low right now though. However, Ethereum experiences fading interest as well while most of (lowered) volume appears to be sell orders what piles up a downside pressure on this digital currency.
While overall interest of all cryptocurrencies has petered out to some extent of late, Litecoin (LTCUSD) looks as if it would want to continue its uptrend. The virtual currency has broken an upper limit of a channel along with two moving averages which could foretell an increase in the nearest future. Source: xStation5
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