The cryptocurrency market suffered another drop that drove the ethereum price to under $500 and the bitcoin price a step closer to its year-to-date low.
Most of the large cryptocurrencies had entered the day on a slight upswing, allowing them to get back a small amount of the ground that they lost last weekend which erased $40 billion off the cryptocurrency market cap. However, the market was not able to take advantage of the momentum, and by Tuesday at 10:00 UTC, most coins started to make their way down against the dollar.
The pullback influenced the ethereum price below the significant $500 mark, and by 19:43 UTC ETH was exchanging at just $488 on Bitfinex — marking a 24-hour decline of 5% — and had seen its market cap drop below $50 billion.
The bitcoin price was slightly better, though it still suffered a 3% decline that placed it within a stone’s throw of $500 of its year-to-date low. At the moment, bitcoin is struggling to hold above the $6,500 mark, trading at $6,607.
The precise reason for the decline is not clear, though it may be from the fact that bullish projections about institutional investors penetrating the markets have not materialized into actual investments even as interest among retail investors has waned over the course of the year.
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