On Tuesday, the cryptocurrency market dropped once again, pulling the ethereum price beneath the $500 region and the bitcoin price nears its year-to-date-low.
Many of the major cryptocurrencies started the day with a slight increase, helping them to regain a small amount of what they have lost when “Bloody Sunday” took $40 billion off the cryptocurrency market cap. Yet, the market found it difficult to maintain this slight recovery however by the end of Tuesday, most coins went through a decline against the dollar.
The decline drove the ethereum price less than the $500 region indicating a 24-hour decline of five percent.
The bitcoin price performed much better, even though it went through a three percent drop that landed it within the $500 region of its year-to-date low. Currently, bitcoin is finding it hard to sustain above the $6,500 region and now has a market cap of about $112.2 billion.
The real reason behind the drop is still unknown, even though it might be as a result of the fact that bullish speculations regarding institutional investors entering the market have not been able to achieve its actual investments even as interest among retail investors has continued to decline.