Despite the strong volume of the crypto market, major digital assets including bitcoin, Ripple, Bitcoin Cash, Ethereum, and EOS recorded large losses against the US dollar.
While bitcoin demonstrated a slight 1 percent decline in value, Ripple, Bitcoin Cash and EOS, the third, fourth, and fifth largest cryptocurrencies in the global market by valuation, lost six percent of their value against the US dollar on July 6.
The volume of bitcoin and ether, the native cryptocurrency of the Ethereum protocol, has increased to $4.9 billion and $1.8 billion respectively, from $3 billion and $1 billion last week.
Hence, the four-day stability from July 2 to July 6 showed that bitcoin was expected to move by a large margin either to the upside and downside. A fall below from the current level to the $6,300 mark will likely lead the BTC price to fall below the $6,000 level once again, forcing the crypto market to enter a minor correction again for the second time in the past month.