It took 24 hours after the growth began to the value of 450 billion dollars, the market of crypto currency fell again, which led to a slight correction. Major crypto-currencies, including Bitcoin, Ethereum, Ripple and Bitcoin Cash, fell by more than 10 percent.
Bitcoin and Ethereum lose 10%
As it was already noticed more than once in periods of extreme volatility, the overwhelming majority of the Crypto-currency in the market tend to follow the trends of the two main crypto-currencies: Bitcoin and Ethereum. This morning, the price of both Bitcoin and Ethereum fell by 10 percent, erasing the profits made on February 10.
Ethereum peaked at $ 909 less than 24 hours ago, but throughout the rally, the daily trading volume for all major exchanges remained relatively low. Therefore, over the last 12 hours the cost of the air has decreased from 909 to 793 dollars, stabilizing at 810 dollars. Given that the last 24 hours in Ethereum there was a sharp decline, it is unlikely that the price of the air will continue to decline, if not fall below $ 800.
The daily trading volume of Ethereum is still low on large exchanges, and it is trying to restore momentum.
Bitcoin showed a similar trend, like Ethereum, dropping below $ 8,000 and falling to $ 7,950. Despite the fact that he lost similarly to Ethereum, he is testing a level of 8,000 dollars. Bitcoin also has a low daily trading volume on the main exchanges, and thus, if there is no short-term recovery, it is likely that the price of Bitcoin will remain at around 8100 dollars within the next 24 hours.
However, Bitcoin and Ethereum can quickly recover in the short term, as the price of Ethereum has risen from 780 to 900 dollars on February 10, both Crypto-currencies may return to yesterday’s levels, especially if volumes support their short-term impulse.
Earlier this week, Roc Nation, founded by Jay Z, a rapper, producer and media tycoon, invested in the US financial company Robinhood, which this year launches its trading platform called Robinhood Crypto.
Neil Searney, president of Arrive, a subsidiary of Roc Nation, said:
“We believe in the mission of Baiju and Vlad to make financial markets more accessible to customers of any size. Robinhood will have our support, as we see the company’s long-term prospects. “
The official statement by Roc Nation underscored Robinhood’s medium-term plan on the operation of the trading platform and its vision of improving the availability of the financial market.
If the world stock market continues to remain volatile, and the crypto-currency market is recovering in the short term, as it has been throughout this week, it is possible that investors in the traditional financial market can consider crypto-currency risks as medium-term investments to hedge against world market stocks.
In general, the market shows some signs of medium-term recovery, but the demand for crypto-currencies and daily trading volumes on the market do not support the movement. For a strong momentum and growth, the daily trading volumes of major crypto-currencies in large exchanges should remain relatively high.