Bitcoin’s price continued its downward trajectory after Bitcoin Gold’s launch yesterday. At 14:06 UTC, the cryptocurrency was trading at $5,522, down 2% from yesterday’s high of $5,634. It has lost approximately 1.84% since yesterday. Bitcoin's fall this week is even more drastic when you consider that it was trading slightly above the $6,000 mark at the end of last week. (See also: Bitcoin Price Declines As Bitcoin Gold Forks From Main Branch.) 

The other two top cryptocurrencies by market capitalization are also down. Ethereum, which has a market capitalization of $28.3 billion, was trading at $297.69, down by 4%, at 14:15 UTC. Ripple is the third-most popular cryptocurrency, and it was down by 4.73%. Even Bitcoin Gold, the new currency on the block after yesterday’s fork, was trading at $144.06, down 63.23% since yesterday. (See also: Could Cryptocurrencies Replace Cash?)

Traders shifted their funds to altcoins, an alternative term for cryptocurrencies, yesterday. The biggest gainers of this inflow were ATMChain, which rose by 141.5%, and SmartCash, which gained 60.85%. But that development seems to have lasted only for a day. ATMChain reversed trajectory today and is down by approximately 30% so far.

Other popular cryptocurrencies, such as LiteCoin and NEO, are also down. SmartCash has bucked the trend, however, and is up 90.5% at 14:17 UTC. On an overall basis, the market for cryptocurrencies shed almost $3 billion, dropping to a capitalization value of $162 billion at one point. It has since recovered and has a market capitalization of $166 billion currently.

After Bitcoin’s August fork, traders had similarly shifted funds into altcoins. The shift briefly halted Bitcoin’s march to highs this year. Litecoin gained 12%, while NEO and IOTA rose by 34.8% and 51.71%, respectively. But they reversed course and exchanged their Bitcoin Cash holdings for Bitcoin, leading the original cryptocurrency to new highs.

Online publication Cointelegraph does not recommend trade on Bitcoin. “Currently, the cryptocurrency is finding support just above $5,500 levels. If the fall continues, Bitcoin can correct to the 20-day exponential moving average (EMA), which presently lies at $5,359. The trendline support is also close to this level. Therefore, we expect the digital currency to bounce from this support zone of $5,350 to $5,500," the publication’s analyst writes.

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