The cryptocurrency market recovery finally began to stall on Friday, potentially bringing an end to the longest rally of 2018. The Bitcoin Cash price, however, continued to post double-digit percentage gains even as other coins began to trade sideways.
Yesterday, the cryptocurrency market cap had reached a pinnacle of $486.5 billion, its highest point since Feb. 1. Unfortunately, the market entered Friday on a downward slope, and the cryptocurrency market cap has since declined to a present value of $471.9 billion.
Bitcoin Price Dips Below $10,000
The Bitcoin price rode a bullish wave this week, rising as high as $10,300 after trading below $8,000 as recently as Feb. 11. On Friday, though, the Bitcoin price dipped back below $10,000. As of the time of writing, Bitcoin was valued at $9,793 on Bitfinex, which translates into a $166.9 billion market cap and represents a slight increase over its previous-day level.
The decline correlated with the start of Chinese New Year but it is unclear to what extent the events are linked, given that Bitcoin surged in advance of the holiday.
Conventional wisdom, though, suggests that the holiday could lead to some downward pressure on the markets, as regional investors exchange their cryptoasset holdings for fiat to finance their holiday spending.