Short-Term Breather
Bitcoin has shown stability throughout September, even during corrections. While Ripple and Ethereum recorded 30 to 110 percent increase in price over the past seven days, the two cryptocurrencies suffered massive losses throughout August, during a period in which Bitcoin remained stable in the low $6,000 region.
As such, when most cryptocurrencies dropped by more than three percent in the past 24 hours, Bitcoin recorded a mere 0.75 percent losses in value. A slight retrace in the valuation of the crypto market was expected by many traders, considering the sheer magnitude of the gains recorded by both major and small market cap cryptocurrencies throughout last week.Since September 18, within six days, the crypto market added $34 billion to its valuation. After a massive short-term rally, Bitcoin has retraced slightly, leading other major cryptocurrencies to fall by 3 to 5 percent.
While Bitcoin recorded a slight loss of less than 1 percent, Ethereum, Bitcoin Cash, EOS, Stellar, and Litecoin demonstrated losses in the range of 3 to 5 percent, with IOTA recording the steepest decline amongst major cryptocurrencies.