As covered by Ethereum World News previously, prices throughout the entirety of the cryptocurrency market saw a sharp decline on Wednesday, with altcoins capitulating in value across the board. At one point, ETH hit a value of $210 and BTC temporarily was at $6,300, not the most promising sign, to say the least.
Since there didn’t seem to be a single clear catalyst for this market move, some claimed that this was evidently an irrational sell-off and that a strong bounce was likely in the days following the initial drop. However, after 48 hours since this violent bout of selling pressure, the market has still not recovered, leading some to question whether a rebound could occur. At the time of writing, BTC has found a place to stand at $6,420, with there being no discernable evidence that indicates that the price of the asset will move any time soon.