RATE Group | Crypto Market Cap Down to $295 Billion, Short-Term Drop For Bitcoin Expected
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Crypto Market Cap Down to $295 Billion, Short-Term Drop For Bitcoin Expected

30 Jul Crypto Market Cap Down to $295 Billion, Short-Term Drop For Bitcoin Expected

Posted at 23:47h in Bitcoin News by

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bitcoin price

Over the past 24 hours, the valuation of the crypto market has dropped slightly from $300 billion to $295 billion, as the bitcoin price declined from $8,300 to $8,150.

Tokens including Aelf (ELF), Holo (HOT), Zilliqa (ZIL), Binance Coin (BNB), and 0x (ZRX), which performed well against both bitcoin and the U.S. dollar last week, dropped substantially by nearly 10 percent.

The dominance index of bitcoin, which evaluates the dominance of bitcoin over the entire cryptocurrency market, has increased to 47.5 percent, its highest level since early January when the price of BTC hovered at around $19,500.

Short-Term Fall Expected

While the volume of bitcoin remains relatively strong in the $4 billion region, it has dropped by a large margin since its peak at $5.5 billion last week. BTC was able to sustain momentum in the $8,300 region for six straight days excluding a brief period on July 27 that led the price to fall by 6 percent temporarily, but has struggled to initiate movements…

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