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Bitcoin becomes cheaper, the market continues to go down

17 July 2017 12:27, UTC

As of the morning, July 17, 2017, the price of bitcoin fell to $1,984 after dropping below $2,000. Traders leave room for further decline to $1,800–1,900, which may remain for several days. Certainly, such negative outlooks cause fear and uncertainty on the market that contributes to panic.

Bitcoin price reduction influenced altcoin markets, and that made Bitcoin.com to quote Charles Hayter from Crypto Compare:

“A rising tide lifts all boats but the opposite is also true”.

On Sunday, Ethereum and XRP, cryptocurrencies that power the blockchain ethereum and Ripple Consensus Ledger, were down 28% and 25%, respectively. In general, the cryptocurrency market has fallen 46,9% since mid June, when it set an all-time high of $115 bn. As of July 16, 2017, market capitalization was $61bn and the share of bitcoin in this amount was $33bn.

Along with the drop of main cryptocurrency rates, little-known altcoins such as chaincoin, mooncoin and SIBcoin show larger gains.