On Tuesday, August 17, the price of Bitcoin fell following a positive uptrend last Sunday and Monday as the world’s largest crypto rallied over $47K.
As of the moment, Bitcoin’s price tumbled 1.19% or 558.72 points to $46,464.49.
Currently, Bitcoin has a market capitalization of $876.40 billion and a 24-hour volume of $32.94 billion.
This fall is not a surprise since the rapid growth of cryptocurrency prices is already expected to break off.
An analyst stated that the upside exhaustion signals could assist a temporary consolidation as investors are digesting the gains.
He added that the short-term overbought setups are already mitigated.
Additionally, several analysts anticipated that a pullback will happen before the prices will continue to rise although the trend has twisted on the bullish side.
The reason for this is the declining volume of cryptocurrencies with an increase in their prices.
For instance, Ether and Cardano both stick out in the previous crypto rallies. According to data, both had strong uptrends, rising 26% and 62% month-on-month, respectively.
In the same period, Bitcoin rose 16% while XRP spiked 70% so far this August.
Last Monday, the total crypto market capitalization exceeded $2 trillion for the first time since mid-May this year.
Last week, investors regained a net worth of $22.1 million from crypto funds.
Another analyst said that this is the sixth consecutive week of outflows even though several cryptocurrencies including bitcoin had rallied.
She said that this is the longest outflow streak for three years since January 2018.
In addition, investors saw a $22 million outflow from bitcoin although it recently traded from $48,200 to $29,608 last July.
Furthermore, Ether fell 1.50% or 49.54 points to $3,242.73 with a market cap of $379.66 billion. It has a 24-hour volume of $26.86 billion.
Likewise, XRP plummeted 5.46% or 0.07 points to $1.22 with a market cap of $121.65 billion. It has a 24-hour volume of $8.76 billion.
The same with Cardano which subsided 2.60% or 0.06 points to $2.11. It has a market capitalization of $68.15 billion and a 24-hour volume of $3.27 billion.
Consequently, Bitcoin Cash decreased 2.11% or 14.83 to $689.30. It has a market cap of $12.97 billion and a 24-hour volume of $4.42 billion.
Then, Uniswap fluctuated 2.58% or 0.81 points to $30.38 with a market capitalization of $30.38 billion. It has a 24-hour volume of $532.39 million.
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