Being a member of the crypto sphere is literally living on the edge since the conditions are revolutionizing all the time and each time faster than the previous. This includes the fall of the market cap that happened faster than anyone could have anticipated. The crypto market’s worth has fallen by more than 40%, and the reds continue as the market faced $90 billion loss on this weekend’s trading sessions alone.
Since Bitcoin (BTC) is the biggest cryptocurrency by market value, therefore, it is natural that it should be the one to define the bounds of the market as a whole. It was predicted that $6000 would be the support on which Bitcoin would rest. However, that was not the case as the crypto fell way below that point. Although external factors like the Bitcoin Cash hash war are to blame for this still doesn’t change the fact that the price action has still not found solid support to stabilize it.
$3000 is the number people are now watching curiously. Experts believe that the price will fall further before rising once again and this pattern is evident in the long-term chart.
If the price falls to $3000 or below the market cap will be reduced to a record low of $100 billion, and this would harm the cryptos significantly before any recovery is to occur. Moreover, the reputation of digital currencies as a whole will be stained due to the events that have unfolded recently.
On the other hand, this drop has cleansed the sphere of all those who were in it just to make cash quickly. Now almost everybody in the crypto sphere is a crypto enthusiast who believes in their potential.