What Determines the Rise and Fall of Mainstream Coins (Why are mainstream coins recently falling)?
What determines the rise and fall of mainstream coins? In the past month, mainst
What determines the rise and fall of mainstream coins? In the past month, mainstream coins as a whole have experienced a decline. The prices of Bitcoin and Ethereum began a sharp downward trend on January 13th, but quickly bounced back to historical highs in mid-December. According to data from CoinMarketCap, the 24-hour trading volume of the BTC/USDT pair is $9.36 billion, an increase of 14.6% from the previous day; the 24-hour trading volume of the EOS/USDT pair is $5.01 billion, a decrease of 16.8% from the previous day; and the 24-hour trading volume of the XRP/USDT pair is only 397 million RMB. (Data source: CoinMarketCap)
Why are mainstream coins recently falling?
This morning, Bitcoin dropped from around $60,000 to a low point of $9,850. Currently, the price is approaching the support level below $7,000 (Fibonacci 38.2% line in the chart); Ethereum also experienced a 10% decline.
In yesterday afternoon’s analysis, we discussed why mainstream coins have been falling recently. The main reason is the significant market volatility and concerns about the market sentiment.
According to data provider Messari, the market cap of Bitcoin has quadrupled since the end of last year, reaching a historical high of around $2 trillion. At the same time, the market cap of competitors such as Ethereum and EOS has also been increasing. (Source: Huoxing Finance)
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