Home Bitcoin Crypto market falls: bitcoin fell below $9500

Crypto market falls: bitcoin fell below $9500

by Alt Coins

The rate of bitcoin for the first half of the day on February 1 dropped below $9500 and amounted to 9379 dollars per coin according to Coinmarketcap. Thus, bitcoin repeated the fall of two weeks ago when it reached the level of $9200, technically returning to the level of early December 2017 – that is just before the beginning of the December rally, which led to the achievement of record values.

The drop in the bitcoin rate is accompanied by a similar movement in the rates of most of the crypto-currencies, which led to a drop in the total capitalization of the crypto-currency market below the level of $ 500 billion – at the time of publication, it is $475 billion.

Almost the only exception to the top100 cryptocurrency was Ethereum, whose rate to the dollar even grew slightly, demonstrating that some market players still regard the air as a reserve currency.

Market analysts have not yet expressed much optimism, predicting further depreciation of bitcoin to levels of 8,000-8500. At this level, the most likely reversal, especially if by that time the situation with Tether and Bitfinex becomes more clear. A critical level of support is the $8900 mark – if the rate pushes away from it, a return to $10,000-11,000 is possible.

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