On Tuesday, July 10, the cryptocurrency market received yet another jolt which temporarily saw 19 of the top 20 coins in decline. According to Coin Telegraph, the fall, which came after a week of relative stability, brought the total market cap for the digital currency industry to monthly low levels. As of this writing, several of the top 20 currencies in the space have turned around, posting minor gains in an effort to equalize out the losses. However, the incident nonetheless calls into question predictions that suggest that the market is headed for an upswing.
From Close to $7,000 to $6,400
It appears that bitcoin can just not catch a break. The beleaguered cryptocurrency leader has made numerous attempts to climb up over the $7,000 threshold, coming close on July 8th. However, it has been stuck below that point for an extended period of time. In the 24 hours leading up to Tuesday afternoon, BTC fell by about 6%, hovering around $6,400. As of this writing, bitcoin's value has increased from that point only marginally, and it remains just over $6,420.
Other Coins Follow
As is common in the cryptocurrency space, many of the other top digital currencies remain closely tied to bitcoin when it comes to price fluctuations. Unsurprisingly, then, ethereum has fared similarly to the largest digital token by market cap. Although it is up slightly over yesterday, with a value of around $442 as of this writing, it nonetheless fell considerably early in the week. Leading up to Tuesday afternoon, ETH declined by about 9% in 24 hours.
With other coins moving in a similar pattern, the total market cap of the cryptocurrency space fell by about $27 billion from an intraweek high on July 8th. On Tuesday, market cap for the industry fell to a low of about $253 billion.
Still, there are some top digital currencies which managed to buck the trend. Even as the other top coins were falling, Tezos (XTZ) was able to post gains. Indeed, XTZ climbed by about 2.5% for the day. Of course, in the cryptocurrency space, it seems that what goes up must come down: XTZ has since fallen slightly, while other digital currencies have reclaimed a portion of Tuesday's losses.
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