The valuation of the crypto market has dropped from $205 billion to $199 billion, as Bitcoin dropped below the $6,500 mark once again. In the past three hours, the crypto market has rebounded by $2 billion to $201.5 billion, demonstrating some resilience in the $200 billion region.
ETH, the native cryptocurrency of the Ethereum blockchain network, showed strong momentum over the past three days, achieving a monthly high at $227. While other major cryptocurrencies fell by 1 to 4 percent, ETH managed to record a slight 0.5 percent gain.
The crypto market may seem volatile to most investors but given the tendency of cryptocurrencies to increase or decline in value by more than 10 percent on a daily basis, the market has been relatively stable in recent weeks in comparison to the past several months.
In previous reports, noted that the cryptocurrency market is going through a bottoming out process, recovering from its 80 percent correction since February of this year. Bitcoin has been showing stability in the $6,400 to $6,500 range and has rarely dipped below the $6,400 mark.