The market downturn picked up speed on Tuesday, as the total cryptocurrency market cap plunged to its lowest point since May. There has since been a slight recovery, although all of the major coins still post 24-hour losses.
On Monday, the total cryptocurrency market cap fell below $90 billion for the first time in July. This market cap evaporation continued on Tuesday, as the total value of all cryptocurrencies plunged as low as $77 billion, a number we have not seen since late May. At present, the market cap is $84 billion.
ethereum price
Chart from CoinMarketCap
Bitcoin Price Drops Below $2,400
As eToro wrote yesterday, $2,500 has been an important psychological barrier for the bitcoin price. Unfortunately, the downturn has caused the bitcoin price to slide below that threshold. The bitcoin price followed up Monday’s 4.5% decline with a 3.8% decrease on Tuesday, reducing the current bitcoin price to $2,396. Consequently, bitcoin has seen its market cap fall below $40 billion.
bitcoin price
Chart from CoinMarketCap
Sheba Jafari of Goldman Sachs recently predicted the correction would continue until the bitcoin price hit about $1,850, at which point it should soar to nearly $4,000.
Ethereum Market Cap Dips Below $20 Billion
Yet again, ethereum’s decline outpaced bitcoin. The ethereum price dropped below $200 on Tuesday; on GDAX, the ethereum price fell as low as $175, its lowest price in more than a month. It has since recovered to $212, but this nevertheless represents a 7% 24-hour decline. For the week, ethereum is down about 27%. At $19.7 billion, ethereum’s current market cap is just over half the size of bitcoin’s.