The cryptocurrency market on the 18th saw a persistent fall in prices with Bitcoin falling to $44,346 at 1:30 AM UTC. The king crypto was trading at $45,403 (18 August 01:30 PM UTC) at the time of writing, down by 2.50% from the previous day.
On the 17th, the daily bar stooped below the 200-day moving average ($ 45,577). The altcoin market regained its momentum, reporting the overall price falling from -5 to 10% from the previous day. The weekly rate of increase/decrease of Altcoin exceeded the return of Bitcoin. Overall, The market seemed positive as indicated by the inflow of funds into the Altcoin market.
Bitcoin is currently observing daily adjustments accompanied by many investors eyeing the bearish scenario. The stock market index of the dollar fell for the first time in 6 days, which might have contributed to the downward trend.
While alternative assets such as Bitcoin and Gold are not easily affected by inflation, they are often traded with the US Dollar, which in turn can affect the assets’ value.
While the cryptocurrency market saw a downward trend since yesterday, the NFT marketplaces have seen record-high trading volume in August. Major NFT marketplace OpenSea saw an average of 60,000 daily transactions between the first and second week of August.
The transaction volume rose by 200% from July to August, mostly due to the massive demand of ‘CryptoPunks’ NFTs, one of the first non-fungible tokens on the Ethereum blockchain.