Crypto Market Makes Minor Retreat Post-Rally, Ether and Bitcoin Cash Down 5%
After adding more than $20 billion within a 30 minute period, the crypto market has declined in valuation, led by the 5 percent drop of ether and Bitcoin Cash.
Over the past 24 hours, the price of Bitcoin Cash, ether, Ripple, and EOS dropped by 4 to 6 percent, while bitcoin remained stable in the $7,300 region. Despite its Relative Strength Index (RSI) demonstrating overbought conditions, the price of bitcoin has not fallen by more than 1 percent since its mini bull run on July 18.
Interest From Large Investors
Earlier this week, Barry Silbert-managed Digital Currency Group’s Grayscale, a fund that oversees $2 billion in assets, has revealed that in the first half of 2018, it raised over $250 million from accredited investors, the most amount of money it ever raised in its crypto fund in a six-month period.
According to Business Insider, the report of Grayscale emphasized that institutions are more interested in the crypto market than in 2017, possibly due to the large drop in the price of major digital assets.
Throughout 2017, especially in the latter half of the year, investors emphasized the overly high value of cryptocurrencies, especially bitcoin and ether that achieved $20,000 and $1,500 respectively at their all-time highs.
Now that the market has fallen by more than 70 percent over the past seven months, the crypto market has started to see an influx of investors from the public market, as portrayed by the recent spike in the volume of bitcoin.
The daily trading volume of bitcoin and ether have risen to $5.6 billion and $2.25 billion respectively, up from $3.5 billion and $1.3 billion last week.
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