Bitcoin, the flagship cryptocurrency, has recently seen its price drop slightly below the $3,600 mark in the last 24-hour period, as the cryptocurrency is on track to record its fourth consecutive losing session.
According to CryptoCompare data, the cryptocurrency is currently trading at $3,595 after falling 0.25% in said period. The cryptocurrency’s market cap is currently at little over $63 billion.
The cryptocurrency’s drop, according to eToro senior market analyst Mati Greenspan, may be showing that the “effects of the weekend rally” are “slowly fading and the crypto markets are oddly mixed.”
The cryptocurrency’s decline notably comes days after it saw its price surge thanks to a rally that saw litecoin rise over 30% in a single day, and the crypto market add a whopping $10 billion to its market cap.
As Greenspan pointed out, the decline has so far been moderate, and hasn’t erased that rally’s gains. Speaking to MarketWatch, he stated:
Of course, this is a very moderate decline and can easily be turned around, but looking at both sides of the coin, it could also be an indication the excitement was premature
Although the flagship cryptocurrency is down, some top altcoins have seen their value rise in the same period. Ether, now the second-largest cryptocurrency by market cap, is currently trading at $122 after rising 0.1%. Bitcoin Cash and Ethereum Classic have also seen their values rise in said period.
Other top cryptos, on the other hand, are all down. Privacy-centric cryptocurrencies monero and zcash appear to be among the most affected, dropping 5% and 2.2% respectively. Litecoin dropped roughly 0.2%, and EOS dropped 3.45%.
XRP has barely seen its price move, although it has in the eyes of some, recently seen bearish news as JPMorgan Chase, the largest bank in the United States, has recently launched its own cryptocurrency, a stablecoin called “JPM Coin.”
The cryptocurrency is set to be used in the settlement of transactions between institutional clients, and is set to run on its private Quorum blockchain, an enterprise-focused version of Ethereum.
Cryptocurrency adoption itself has slowly been rising. Nasdaq, the world’s second largest stock exchange, is reportedly planning to introduce two new indices to track cryptocurrency prices, and American wholesaler H&M Distributors has recently started accepting cryptocurrency payments.
Many in the crypto market remain bullish, despite the year-long bear market. Chinese bitcoin bulls, for example, believe now’s the right time to buy BTC, as some believe the crypto will reach at least $74,000.
