Over the past day, tokens such as Digibyte, Aelf, Polymath and 0x have recovered, driving the valuation of the crypto market to $258 billion.
From yesterday’s price range, both Bitcoin and Ether, the native cryptocurrency of Ethereum recorded a two percent increase, as Bitcoin recovered to $7,160 and Ether rose to $413.
Yet, over the past few hours, the price of Bitcoin and Ether have once again started to decline, testing $7,100 and $410. If in the next 12 hours, the volume remains as it is, Bitcoin and Ether could likely test the $7,000 and $400 level.
Since July 24, after the Bitcoin price hit $8,500 with a sharp rise in volume, the volume of the crypto market has found it hard to recover.
This morning, the price of Bitcoin declined to $3.7 billion, which was last since on July 21. The volume of Ether also dropped by 50 percent trading around $1.4 billion.
Even though the volume of Bitcoin and Ether have decline immensely, the volume of Tether (USDT) has increased demonstrating that investors on the international cryptocurrency market have been hedging the value of their holdings to the US dollar.
Usually, when the volume of Bitcoin and Ether decline and the volume of Tether increases, the market seems to record a short-term correction. In the coming days, if the volume of Bitcoin is unable to make a positive recovery, the price of BTC will possibly go below the $7,000 level and go through a downward movement to the mid-$6,000 level.