Of cryptocurrency market is generally red today. Most prices fall, bringing total market capitalization back to $1.95 trillion last night. Prices are slowly rising again this morning and the market cap is climbing back towards $2 trillion, but this may not be the end of the correction. Nevertheless, the whales bought the dip again:
Price down today while whale holdings went up by ~13,000 BTC. Funny how that works. pic.twitter.com/a6tb2DiqxH
— Will Clemente (@WClementeIII) August 18, 2021
Bitcoin (BTC)
Bitcoin (BTC) initially appeared to hold around $46,000 yesterday afternoon and then briefly rebounded to $47,000. However, the BTC rate was hard rejected there and plummeted all the way back to $44,500. It looks like bitcoin found support here last night and the price has been slowly climbing again since then.
At the time of writing, bitcoin is pushing against USD 45,500, but it appears that the price is running into too much resistance. The recovery may continue and we’ll get back to $46,000 soon, but the chances of a further downward correction appear to be at least as high. Bitcoin may then fall back to $44,000, $42,000 or even $40,000 again. Yet bitcoin is holding up better than most today altcoins.
Aug 2020 #bitcoin was $11,500 .. we are up 4X in a year! pic.twitter.com/iXf4QwXimg
— PlanB (@100trillionUSD) August 17, 2021
Altcoins
Ethereum (ETH) Bitcoin still follows, although the ether price drops relatively faster today. Yesterday afternoon, ether briefly peaked at $3,250, but was then rejected there and dropped below $3,000 again last night. It is slowly climbing towards USD 3,100 but is again encountering resistance at the time of writing. USD 3,000 was expected to hold, but a correction down to USD 2,750 or even USD 2,500 is not ruled out.
$ ETH reserve for all exchanges keeps downward trend, renewing two-year low.
Live Chart ???? https://t.co/2vTnaWAnT8 pic.twitter.com/7HykklCyGT
— CryptoQuant.com (@cryptoquant_com) August 18, 2021
Also cardano (ADA) dropped quite a bit yesterday. The ADA price fell 9.5% from $2.10 to $1.90 last night. ADA made another one bounce up and peaked at $2.05 this morning, but is correcting at the time of writing and is back below $2.00. Binance coin (BNB) and ripple (XRP) drop a little harder and are 5% and 6% in the negative this morning.
Dogecoin is even down almost 10% and is back below $0.3. Polkadot (DOT) is down more than 10% to USD 23.6. Also solana (SOL) who won another after a huge rally yesterday all-time high (ATH) is down 8.5% today and stands at $67.8.
Outside the top 10, Audius (AUDIO) is correcting a lot. The price is no less than 30% in the minus today, but that is not really a surprise. AUDIO rose by more than 100% yesterday. Yet there is a handful of crypto that is still in the plus today. Arweave (AR), xdc (XDC) and avalanche (AVAX) are all up 22% this morning.
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