$63 billion left crypto in 7 days, ETH fell below $100

[Paha87]

Over the past seven days, the crypto market has experienced a drop in capitalization of more than $63 billion, as the main cryptocurrencies recorded double-digit falls.

Bitcoin (BTC), the most dominant cryptocurrency on the market, fell 12 percent from $ 4'300 to $ 3'800, reaching a new annual low. At its lowest daily point, on crypto-Fiat exchanges like Coinbase and Kraken, the price of BTC dropped to $3'456.

The Ethereum (ETH) cryptocurrency, which currently shows a daily trading volume higher than Ripple (XRP) and Bitcoin Cash (BCH) of $ 2.2 billion, has fallen in value to $ 98 for the first time since may 2017, turning out to be a double digit.

Finally found the bottom?
With ETH at $98 and bitcoin at $3'456, technical indicators show oversold for major digital assets. Probably due to oversold trading, BTC recovered relatively quickly from the $ 3'400 mark to $ 3'700 within a few hours.

At a price of $ 3'456, BTC showed a decline of 82.2% compared to its record high of $19'500. When the price of BTC initially dropped to $ 4'000, many investors assumed the possibility of a further decline below the $ 4'000 mark, given that at the level of $ 4'000 BTC fell by 79% from its record high.

On average, BTC tends to decline by 85% during the main correction, as it did in 2011, 2013 and 2015. After the expected fall of BTC below the level of 4'000 dollars, traders have become more comfortable to find a short-term bottom in the price trend of BTC.

A significant recovery period will be required

The cryptocurrency market has experienced large-scale sales in the past. Although the market infrastructure is dramatically different in 2018 due to the involvement of major financial institutions, liquidity providers and regulators, but the intensity of the fall of leading cryptocurrencies is likely to indicate a long period of consolidation.

In every bubble cycle, newbies and investors suffer greatly, both psychologically and financially. It is possible that institutional investors will lead the next growth of the crypto market, but for investors affected by the recent collapse of prices, it may take time to re-invest in cryptocurrencies.

Link to the source of information (Russian) - https://altstake.io/news/63-mlrd-pokinulikripto-za-7-dney-eth-upal-nighe-100