Bitcoin’s Low Volume Pulls Entire Crypto Market

Oct 20, 2018 at 0:24

The entire crypto market experienced a decline which is being pointed by analysts to be caused by the drop in the volume of Bitcoin, as it already fell to the $3.8 billion mark from $5 billion in two days.

The premiere cryptocurrency is now valued at $6,382 a piece, down by 1.34 percent with a market cap of $111.7 billion. The rather quite performance pulled the market.

Roy Blackstone, a renowned crypto investor, claimed that in order for other coins to remain afloat, Bitcoin needs to show strength in terms of volume, price trend, momentum and daily trading activity.

It can be recalled that since hitting $6,700 earlier this week, the crypto market has been stagnant.

Ethereum, XRP, Bitcoin Cash and EOS are now treading down at $206.1, $0.46, $444.76 and $5.41, respectively.

Likewise, Stellar, Litecoin, Cardano and Monero are also on a downward slump at $0.2363, $54.01, $0.07 and $103.7746 a piece, respectively.

Tether, the cryptocurrency that is known for its value to be pegged with the US dollar is the only top coin that did not suffer a decline. Its value is up by 0.81 percent to $0.9814 and a market cap of $2 billion.