Cryptocurrency Market Sees the Recession of Cost, while Ethereum Achieved Record Low Figures


On September 12, the cryptocurrency market observes a decline in the value of almost all coins. Bitcoin lost about 2.5% of the cost, while Ethereum (ETH) fell to the lowest levels of the previous year.

As the Coin360 data show, almost all the coins are in red. From the list of 20 best coins, only Dogecoin (DOGE) shows a rise in value, while the other altcoins are losing.

Market visualization from Coin360

Source: Coin360

As you know, last week the cost Bitcoin reached a mark of 7400 dollars. After the news that Goldman Sachs suspended work on the development of the cryptocurrency strategy, the value of the coin decreased, but when the company denied the rumors, the coin began to recover.

It should be noted that the significant pressure on the market is exerted by regulators that previously suspended the work of the two ETNs.

According to the latest figures, the value of the coin has decreased, falling to almost 6,200 dollars, but despite this, the coin is kept within 6,251 dollars, which allows avoiding falling below the mark of 6,000 dollars.

Bitcoin’s 7-day price chart

Source: Cointelegraph

As for Ethereum, the forecasts for the coin are extremely disappointing.

It is likely that Vitalik Buterin’s recent statement that there is no prospect of growth in the value of the cryptocurrency has had a negative impact directly on the ETH, triggering a decline to the lowest levels this year.

It is worth noting that Buterin himself, since then, has denied his pessimistic position, assuring that the media misunderstood his words.

It is worth noting that after a rapid increase in value last year, in 2018 ETH continues to observe a prolonged decline in value.

According to recent data, the cost of ETH is about $ 172 per coin, which means that in the last 24 hours of coins lost about 11% of the cost.

Ethereum price chart

Source: Cointelegraph

Speaking of other coins, reacting to losses of Bitcoin, Dash (DASH), Litecoin (LTC) and Bitcoin Cash (BCH) observe a decline in value, losing about 11% of the price after ETH. Cardano (ADA) lost about 14% of the cost.

According to the data of CoinMarketCap, the dominance of Bitcoin reached a record level of 58%. The last time this indicator was observed at the end of last year when the coin’s value reached $ 20,000.

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