Over the past 24 hours, tokens including Digibyte, Aelf, Polymath, and 0x have rebounded, pushing the valuation of the crypto market to $258 billion.
Both Bitcoin and Ether, the native cryptocurrency of Ethereum, recorded a two percent increase from yesterday’s price range, as Bitcoin rebounded to $7,160 and Ether reached $413.
However, in the past several hours, the price of Bitcoin and Ether have started to drop once again, testing $7,100 and $410. If the volume fails to recover in the next 12 hours, Bitcoin and Ether will likely breach the $7,000 and $400 levels in a similar way as they did on August 5.
Volume of Bitcoin Drops Below $4 Billion
Ever since July 24, when the price of Bitcoin reached $8,500 with a huge spike in volume, the volume of the crypto market has struggled to recover and demonstrate any sort of momentum.
Today, the volume of Bitcoin dropped to $3.7 billion, which it has not seen since July 21. The volume of Ether, at around $1.4 billion, has dropped by 50 percent since mid-July, from around $3 billion.
While the volume of Bitcoin and Ether, the two most valuable cryptocurrencies in the global market, have dropped substantially within a two-week period, the volume of Tether (USDT), a stablecoin whose value is hedged to that of the US dollar, has surged, suggesting that investors in the global cryptocurrency market have been hedging the value of their holdings to the US dollar.