Investing.com – Both bitcoin and ethereum fell on Thursday, as the total market capitalisation of cryptocurrencies fell below $100 billion, triggering concerns of a slowdown in publicly traded cryptocurrencies.
On the U.S.-based GDAX exchange, Bitcoin (GDAXUSD) fell to $2,210.00 its lowest point since May 30, before paring losses to trade at $2,261, down $279.8, or about 11%.
According to data from CoinMarketCap, the market cap of publicly traded cryptocurrencies fell below $100 billion to around $91 billion, as analysts reassess their bullish calls on cryptocurrencies.
Marius Rupsys, a cryptocurrency trader and co-founder of fintech startup InvoicePool said he liquidated his entire cryptocurrency portfolio and has started shorting bitcoin, anticipating a steep fall in its price.
"There should be larger correction at some point which will cause altcoins to fall and bitcoin to fall at the same time." Rupsys
Fears of a slowdown come fresh on the heels of a warning from Goldman Sachs chief technician Sheba Jafari, that bitcoin could be heading for bearish territory.
Ethereum followed bitcoin’s move lower, falling more than 25% to a session low of $253.00 before paring losses to trade at $305.30, down 15.01%.
At current prices, ethereum's market cap has fallen from $34 billion to about $31 billion but remains close to bitcoin’s $38 billion, as investors continued to expect that ethereum would be the alternative cryptocurrency that usurps bitcoin as the largest and best capitalized blockchain – a phenomenon referred to as “the flippening”.