In the past 24hrs the cryptocurrency market have been on the red. From my check this is happening for no apparent reason. Conversely we have had some positive about bitcoin and cryptocurrencies in general.
Bitcoin dominance, or BTC’s market cap as a share of the total market cap for all cryptocurrencies, is at a monthly highly today of around 39.3 percent, corresponding with the recent sharp drop in Bitcoin transaction fees.
Bitcoin transaction fees had seen all-time highs in January 2018, rising to about $37 for a fee that would have your transaction mined fastest, on the next mined block.
However, Bitcoin’s last transaction fee have been as low as $0.36/kB, a 6-month lows for the leading cryptocurrency market.
So what could be wrong? It is most likely that traders and investors are taking profits after over 60% rise from the last dip in late and early February. Or perhaps the price of bitcoin have risen to a physiological level, where it is expected that the price will come down.
The price of cryptocurrencies usually go up and down in line with news events. As you may have already noticed, whenever there is news that some big financial player signs a partnership with a blockchain company, that crypto’s price goes up. Consequently, when negative news hits the papers, prices go down and today makes no exception.
What’s more, the simple act of buying and selling cryptocurrencies can drive the price up or down.It’s always hard to say where the prices will swing next, but we strongly believe cryptocurrencies are here to stay.
Will the price go down further? Maybe the next 24hrs will give us a clue.
Could please someone explain what is causing the sudden drop of the cryptocurrency market?
Ripple -10% and many other currencies?
Is it time to BUY more or to SELL everything?