The last 24 hours saw Bitcoin drop more than 7.5% from $8,150 to $7,500. The crypto market lost $30 billion, a drop unseen for the past 4 weeks.
July 29th, Bitcoin recorded three consecutive sell candles on the 1D higher time frame, illustrating lack of volume and decline. This was initially stated on the 27thJuly, in an article publishing where Nouvive saw Bitcoin. We saw the decline, stating that BTC would see $8,300.
Bitcoin is unlikely to see any recovery in the volume and price, especially following the significantdrop in value overnight. Despite this, Bitcoin reached a year on year high of dominance over the crypto market at 48.1 percent for the first time since January of 2018.
This illustrates that retail and institutional investors alike are unwilling to take additional risks in investing in other crypto-assets. Such is the case, with the top 5 coins, but not XRP/Ripple that saw a 5% pop on the daily close based on the conference news that Bill Clinton is one of their keynote speakers.
The bitcoin drop saw other altcoins such as Poly, Pundi X, VeChain, AELF, ICON, Wan and Ontology drop, despite some of these assets having notable events lined up such as ONT with their airdrop being released soon. The vast majority recorded a 10 to 30 percent drops in the past 24 hours.
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