In the first half of today’s trading, nearly all the major cryptocurrencies have moved into negative territory. According to CoinMarketCap, 95 out of the top 100 cryptocurrencies (in terms of market cap) are now trading down compared to yesterday. As a result, the total market cap of the cryptocurrency market has dropped by 31bn USD from 459bn to 428bn.
In my opinion, we’re seeing a correction on the wider cryptocurrency market due to the correction taking place on bitcoin. Bitcoin is still the flagship currency and trendsetter of the crypto market.
I reckon that so long as Bitcoin’s scaling issue remains unresolved, there’s no reason that BTC prices should rise significantly and reach the all-time high level of nearly 20,000 USD per coin, which was seen in December last year. I believe that we’ll only see new money and new investors in the crypto market when bitcoin sets a new all-time high. As a result, I think that in the coming months, we’re going to see sluggish, random movements in the price of bitcoin, as so there will be many days like this, during which most cryptocurrencies are trading in the red.