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The bitcoin exchange rate decreased at the weekend to $ 1,841. It is the lowest level for the last two months: bitcoin has not traded this low since May 2017.

Ethereum also fell to $162. The cryptocurrency market continues to show a bearish trend. The next round of correction involved all main cryptocurrencies. Bitcoin lost more than $400 over the weekend, dropping from $ 2,355 to $ 1,841 (as of 16 July), but later on 17 July it started to recover losses and returned to $2,100.

The token of Ethereum ecosystem, the second largest by market capitalisation after bitcoin, also continued its decline. Since 14 July, it has fallen in price from $208 to $162. This is the lowest exchange rate for Ethereum for the last month and a half. According to CoinMarketCap, bitcoin capitalisation is now at $34.3 billion, and Ethereum's stays at $16.6 billion. The total capitalisation of the cryptocurrency market, which accounts for 810 tokens, has reduced to $73 billion.

Apparently, the cryptocurrencies have reached the bottom, and now the market returns to growth. On 17 July, all cryptocurrencies from the CoinMarketCap's TOP-50 show growth. Ripple grew by 1% to $0.16, Litecoin added 7.5% to $42.4, Dash increased by 9.2% to $148.8.

Earlier Goldman Sachs analyst Sheba Jafari predicted that, according to Elliott's wave theory, bitcoin is in the 4th wave, during which the bitcoin rate could fall as low as $1,856, but later the cryptocurrency will apparently grow to $3000. During the coming fifth wave, bitcoin can grow to a minimum of $3,212. Jafari does not exclude that the goal of the fifth wave will be a jump to $3,915.

The exchange rate of Ethereum is being pressured by a large-scale transfer of cryptocurrency funds. After attracting financing in ETH, start-ups are cashing out. Thus, blockchain start up EOS, which attracted almost $200 million in ETH, was spotted at exchanging millions of dollars’ worth of Ethereum (ETH) for authorized currency, CoinTelegraph reported. However, more ICOs on Ethereum are coming, including apparently the largest ICO of this year, the one of Kik messenger, and it may push the Ethereum price up again.