Within just 3 hours, the digital currency market has suffered a loss of value of 9 billion USD, with the prices of altcoins and digital currencies of small market capitalization significantly decreasing.
Subsequent to a quite confident correction surge, the cryptomarket lost value of tokens that have previously gained 30-50% in trading against the US dollar over the last 2 days.
All the best performers of August 17, namely Aelf, Zilliqa, and Nano, have shown the worst performance the following day.
Specialists are led to believe that the token price decrease that occurred very recently is caused by the overwhelming pace of cryptomarket’s recovery, initiated as the result of the oversold condition.
Alex Kruger, a renowned cryptotrader and market analyst has commented that Bitcoin suffered rejection at 6,600 USD level, which brought down the whole market of digital currency. He also denied the fact of the new bullish run, stating that a bounce back from oversold conditions does not mean a new rally coming.
What Kruger basically means is that most of the cryptotraders have mistakenly treated a small correction caused by oversold conditions as a bullish movement, leading to false expectations about market performance to be better than it is expected and forecast recovery to begin with. This resulted in aggressive pursuit of high-risk high-return trades in altcoins, bringing the value of such coins as VeChain and Ontology up by 30-50%.