The total cryptocurrency market capitalization fell by more than $9 billion dollars in just 3 hours on August 18. This fall was caused due to the fall in prices of tokens and small market cap cryptocurrencies.
Cryptocurrencies fell by 10% with a decline of Bitcoin by 2%, after a strong correction which seen a 30 to 50% rise against the dollar in the last 48 hours.
On August 17th Nano, Zillqa and Aelf were the best performers and on August 18th they became the worst performers when Nano fell by 18%, Zillqa fell by 13% and Aelf fell by 12.9%
Analysts have attributed this price declined due to the strong recovery of the entire cryptocurrency market.
Alex Kruger, a crypto trader and trading analyst at FX market stated: “Bitcoin was rejected at $6,600 and the entire cryptocurrency complex dropped like a house of cards.”
Kruger said that most of the traders mistook the minor correction in price for a bull run and expected the market to have a better performance than its projection.
Traders play a high-risk high return trades with the token and drove the prices of VeChain and Ontology up by 30% to 50%. On August 18 at one point of time, the price of VeChain was up by 90% against US dollar in the span of 24 hours.