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Crypto Market Slides Again As Stocks And Oil Prices Experience A High

Just about a week after we saw a crypto carnage wipe 11 billion dollars off the market, another crash has taken the market cap down a notch. After having faced extremely minor losses just yesterday, top coins have found themselves firmly in the red today, registering steep falls ranging up to 8.82% (in the case of EOS). Top crypto Bitcoin, despite having held on to its market dominance and improved its capitalization by a small degree, has seen its price fall below the $3800 mark.

Bitcoin’s price has fallen by a margin of 1.73% to $3,782.04, as of the time of writing this report, data being sourced from Coinmarketcap.com. As experts have opined before, a Bitcoin bull run is unlikely unless it breaks part the $4200 resistance point. However, at this rate, given it is falling to new lows with each passing week, the dream of a crypto revival with Bitcoin in the lead seems to be a distant one.

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Ethereum, the second largest cryptocurrency in the market as per market cap, has registered a much steeper fall than Bitcoin, having fallen by 4.51% to $127.30. Ripple, which tails after Ethereum in terms of market cap, has also seen a decline in price, which has fallen to $0.306882 at the rate of 1.88%.

EOS, the cryptocurrency which was experience a price rise by around 1.61% around this time yesterday, has seen the steepest price decline out of the top 20 cryptocurrencies today. It has fallen by 8.82% to a price point of $3.26.

Except stablecoin Tether, which shows a 0.16% price rise, all of other cryptocurrencies in the top 20 (according to market cap) are in the red at the time of writing.

Of the top 10, Litecoin has fallen by 4.08%, Bitcoin Cash has fallen by 5.28% and Stellar has fallen by 4.41%. The other two coins in the top 10 bracket have seen only minor losses, with Binance Coin falling by 0.88% and Tron falling by just 0.82%.

Even as the crypto market has seen an overall decline, the stocks have risen with the US-China talks drawing to a promising end. With the OPEC cutting down on oil output, the oil prices have also been on the upswing. Besides crypto, the only other major asset class experiencing a slump, is gold.

Interestingly, crypto, and especially Bitcoin is frequently compared to gold in terms of its value with Bitcoin lovers calling it Bitcoin gold and staunch proponents like the Winklevoss Brothers saying the crypto market cap will one day rival that of gold.

However, the World Gold Council has recently rubbished similarities between the two asset classes, citing Bitcoin’s volatility and lack of regulatory clarity.