The market is cooling off from yesterday’s rally, which saw the global cryptocurrency market capitalization cross the $2 trillion threshold for the first time in nearly three months.
Bitcoin is down a modest 1.29% over the past 24 hours, changing hands at $45,473, as of 6.30 a.m. ET, according to Messari. With the cryptocurrency breaking past its 100-day moving average of 43,877 on August 7, “we believe that the market should take a breather here. We expect the price to consolidate for some time in the $40,00 – $45,000 range before taking decisive action towards the end of August, early September,” wrote Pankaj Balani, founder and CEO of of crypto derivatives platform Delta Exchange, in a message to Forbes. “$50,000 is the crucial level here – a clean break above that will attract fresh flows and send a strong signal that market correction might have completed.”
Ether is also trading in the red, -2.18% on the day, though it still remains above $3,000 at the current price of $3,154. “With decreased