The cryptocurrency markets recorded a multibillion-dollar descent on Wednesday, with most of the top-rated coins recording minor declines. The bitcoin price ticked down to $5,631 after posing threats to dip lower, while the ethereum price plunged below $300 after achieving that mark the day before.
These minor drops accounted for a $2.6 billion decrease in the total cryptocurrency market cap. The crypto market cap commenced the day at $169.2 billion but began to slide early Wednesday morning, briefly dipping below $162 billion before restoring to a current mark of $166.6 billion.
Bitcoin Price Flirts With $5,400
The bitcoin price dropped another 1% on Wednesday, but the impact could have been severe. Early this morning, the bitcoin price briefly dipped below the $5,400 mark for the first time since last Wednesday, but it has since restored to a current value of $5,631. However, this depicts a more than $550 drop from the all-time high Bitcoin set last week. Bitcoin now has a market cap of $93.7 billion.
As CCN reported yesterday, part of this drop should be ascribed to the Bitcoin Gold Fork. The Blockchain snapshot took place Tuesday morning, allowing traders to sell their Bitcoins while still receiving the highest amount of Bitcoin Gold. Bitcoin Gold is not predicted to have much value, but neither traders nor investors wanted to leave any potential “free money” on the table.
Ethereum Price Dips Below $300
The ethereum price has constantly drifted toward the $300 value during October. Regardless of rises as high as $348 and drops as low as $279, ethereum continues to plunge back into the $300 orbit. On Tuesday, the ethereum price had ascended as high as $312, perhaps giving investors hope it is going to make its way out of the recent slump. However, ethereum finally found itself dipped back to the $300 level and is currently trading at $297. Ethereum now has a market cap of $28.3 billion.
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