Crypto Markets Remain Sluggish, While Staving Dramatic Losses
All of the top ten coins by market cap are showing minor losses today, June 8, within a range of 1 to 4 percent over the 24 hour period to press time, as Coinmarketcap data shows.
Market visualization from Coin360
Bitcoin (BTC) is just about holding its ground above the $7,600 threshold, trading at $7,633 at press time.
The leading cryptocurrency has seen a loss of just under one percent over the 24 hour period, failing to secure a higher price point at $7,600 after it closed at $7,694 yesterday, June 7. A morning spike saw BTC trading as high as $7,870, before falling back to its current level.
Bitcoin price chart from Cointelegraph’s Bitcoin Price Index
As Cointelegraph reported today, newly published statistics from blockchain intelligence firm Chainalysis show that the amount of Bitcoin owned by long-term investors is now almost equalled by short-term speculators.
Chainalysis’ data traces a shift in the BTC markets following their spectacular rally in Dec 2017, with 6 mln BTC still being held by long-term HODLers, but a close 5.1 mln BTC now exchanging hands between day traders.
The figures also show an almost fourfold decline in BTC trading volumes since late 2017 up until today, falling “from close to [$4 bln] daily in December to [$1 bln] today.”
As of press time, CoinMarketCap data indicates BTC trading volumes of 4.38 bln, down from 7.22 bln one month ago.
Top altcoin Ethereum (ETH) has fallen 1 percent over the 24 hour period, trading around $600.59 to press time. The coin is only barely keeping above the psychological price point of $600, but has nonetheless recovered from its dip to $567 one week ago.
Ethereum price chart from Cointelegraph’s Ethereum Price Index
Of the top ten coins, Cardano (ADA) is showing the heftiest losses of 3.67 percent to press time, trading at $0.20, down from its intra-weekly high of $0.24.
Looking further into the top twenty market coins, only Tether (USDT) and Ethereum Classic (ETC) are in the green, and only just at that: seeing 0.55 percent and 0.58 percent growth respectively over the 24 hour period.
Crypto markets overall remain sluggish after their sharp retreat from a tantalizing rally in early May, stemming dramatic further losses but failing to reclaim significant ground. Total market capitalization for all cryptocurrencies is at $342 bln to press time, down from $440 bln around a month ago.
Yesterday, Robert Sluymer of Fundstrat Global Advisors told CNBC that despite the gloomy market picture, he believes there are “some very important levels coming up for Bitcoin literally in the next couple of days.” He stressed that Bitcoin’s longer term price trend is still “technically up” with $9,500 as its critical level, and that he believes it will soon “challenge its downtrend” if it just gets through the $7,800 level.