Crypto Markets Remain Sluggish, While Staving Dramatic Losses

All of the top ten coins by market cap are showing minor losses today, June 8, within a range of 1 to 4 percent over the 24 hour period to press time, as Coinmarketcap data shows.

Bitcoin is just about holding its ground above the $7,600 threshold, trading at $7,633 at press time.

The leading cryptocurrency has seen a loss of just under one percent over the 24 hour period, failing to secure a higher price point at $7,600 after it closed at $7,694 yesterday, June 7.

A morning spike saw BTC trading as high as $7,870, before falling back to its current level.

Chainalysis' data traces a shift in the BTC markets following their spectacular rally in Dec 2017, with 6 mln BTC still being held by long-term HODLers, but a close 5.1 mln BTC now exchanging hands between day traders.

As of press time, CoinMarketCap data indicates BTC trading volumes of 4.38 bln, down from 7.22 bln one month ago.

Top altcoin Ethereum has fallen 1 percent over the 24 hour period, trading around $600.59 to press time.

Of the top ten coins, Cardano is showing the heftiest losses of 3.67 percent to press time, trading at $0.20, down from its intra-weekly high of $0.24.Looking further into the top twenty market coins, only Tether and Ethereum Classic are in the green, and only just at that: seeing 0.55 percent and 0.58 percent growth respectively over the 24 hour period.

Crypto markets overall remain sluggish after their sharp retreat from a tantalizing rally in early May, stemming dramatic further losses but failing to reclaim significant ground.

Total market capitalization for all cryptocurrencies is at $342 bln to press time, down from $440 bln around a month ago.