The most important cryptocurrency on the market is at a level that was not seen since the beginning of July. Ethereum maintains the weekly rise, but is getting smaller.
Pessimism remains within the cryptocurrency market this Tuesday. The particularly noticeable situation in Bitcoin (BTC). After touching its maximum historical contribution on August 13 (US $ 123,566), since then accumulate A decrease around 11%.
BTC low 1.3% in the last 24 hours to U $ s109,680while, Ethereum (Eth) It sinks 4% and operates a U $ S4.412. The rest of the Altcoins also shows a bearish trend during the day: Solana (Sol) falls 5.1%, Dogecoin (Doge) low 4.3% and Cardano (ADA) Correct 3.7%.
Why does Bitcoin go down?
There are two factors that They explain what is happening with Bitcoin. The first of these is that many historical forks of Bitcoin, known in jargon as “Whales”they took advantage of the increases during the last weeks to take profits.
In this regard, the professional trader and market analyst, Willy WooI comment on their social networks: “BTC’s offer is concentrated around the old whales that reached their maximum point in 2011. They bought their BTC at 10 dollars or less. New dollars of new capital are needed to absorb each BTC they sell“
The second reason that can explain the current Bitcoin’s behavior is whatE There is a capital rotation from BTC to lower capitalization cryptocurrencieslike Ethereum, which a few days ago touched its maximum historical contribution.
Source: Ambito
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