After showing a significant $30 billion increase in valuation with reaching $400 billion from three $70 billion, the cryptocurrency market has witnessed a drop of $9 billion in the past 24 hours.
On May 13, the bitcoin price surpassedt $8700 mark while it had to face struggle in surpassing $8500 mark on the following day on May 14. The cryptocurrency market experienced a recovery as the bitcoin price strongly rebounded to the $8500. There had been good gains in the 20% to 30% region for tokens like Ontology (ONT). But the market was unable to maintain the momentum at the $400 billion mark.
The major banks have already entered the cryptocurrency market and their presence could initiate organisational demand for cryptocurrency to rise. Significant amounts have been invested by banks in the research and development into blockchain and cryptocurrencies.
The Blockchain week held in New York will impact the bitcoin price positively and make it recover and will let the market rebound.
There is a likelihood that major cryptocurrencies and tokens will continue to follow throughout the week, since the cryptocurrency market has not shown any sign of improvement, if bitcoin price is not able to surpass $8500 mark.
However, if $8800 support level is acquired by bitcoin along with a movement towards $9500 by the end of the week, we can expect a surge in volume and inflow of new capital in the cryptocurrency market.
Over the past few weeks tokens like ontology, storm and salt have successfully secured gains as compared to bitcoin and US dollar. Although the value of most token will be dependent on short-term trend of bitcoin and ethereum.
Major digital assets have become dwarf due to tokens and other cryptocurrencies as the dominance index is below 37 percent. Considering the expected improvement in the market in coming days, it is expected that tokens like Ontology, Storm and EOS will perform well against bitcoin under the influence of their strong volumes.