Overview of the cryptocurrency market to august 9. Results of the week
The bulls tried to send the cryptocurrency market upward for almost a month. However, a huge red candle appeared on BTC's chart on the 5th of September. The digital market poured, strongly increased volumes for sale. The fall continues for 4 days. Traders began to gradually buy back the cryptocurrencies today.
The past week for BTC turned into a decline of almost 13% of its value. The Ethereum showed a huge drawdown of 35%. The miners began to come out in minimum profit with such a price for the Ethereum. The fall of Ripple this week is about 20%. A strong drawdown of over 20% was also demonstrated by BCH, EOS, LTC, ADA, IOT, TRX, NEO and almost all altcoins, which are below the TOP-15 total capitalization. Capitalization of the digital market has dropped to a record low of $192 billion, the BTC domination index has risen to 55,7%.
Traders bought BTC and altkoins throughout the month. The price literally lost a couple of days in all the levels that it reached in August with the advent of large volumes for sale. We're at the bottom of the channel $8 300 - $6 200. Everything is going to ensure that BTC pushed off the lower border now and showed corrective movement upward.