Over the past day, the overall market capitalization has lost 9 billion US dollars, witnessing BTC return back to the 6,500 USD area for the first time this week, registering a 2% price drop.
It has previously been reported that Bitcoin is at a low volume, and it creates a point of major concern for merchants, due to its potential of negative effect on the trends of the most dominant digital currency in the short term.
BTC volume remains significantly low at approximately 4 billion USD, being down over 30% from the middle of September. The daily trading volume of the digital currency is approximately accounting for 2.6 billion US dollars.
There would be a chance for Bitcoin to begin a shot-term rally on the conditions that it volume would have bounced back by nearly 15-20%. However, over the past day, BTC trading volume has remained at 4 billion US dollars according to the data from CoinMarketCap.
The 1% gain, recorded in the volume of Bitcoin, did not have any substantial effect on the short-term trend of the digital currency market. The unexpected price drop of the Ripple currency, which took place subsequent to the Swell 2018 conference, has also taken its toll on the declining tendencies of dominant digital currencies.
The majority of the digital assets in the cryptomarket have a tendency to record a pump before a big announcement comes up and the price significantly falls right after the big news.
The decrease in the momentum of Ripple and the majority of dominant digital currencies, such as ETH, BCH and XLM will most likely stop the cryptomarket from engaging in a big short0term surge in the upcoming couple of days. It is crucial for the digital currencies to demonstrate a gradual volume increase, as opposed to rapid spiking movements.