As a consolidation of last week’s events, this seven-day period started with Bitcoin’s market dominance increasing over other altcoins. Crypto markets, therefore, continue to show a downturn, with most of the top 20 digital tokens reporting losses in value.
The most prominent altcoins all lost between five and six percentage points of value today. Bitcoin fell as well, but at a minimal rate of 0.3% in the last 24 hours. The biggest cryptocurrency in our current market was trading at $6,238 at the time of this writing.
The crypto market, as a whole, continues to show signs of declining, with the total market capitalization dropping to $191 billion. The figure is the lowest point it has touched in the last ten months, and a far cry of what the market projected just seven days ago, which was $239 billion.
All facts and figures are courtesy of the specialized web CoinMarketCap. The $48 million difference in the market between September 4 and today marks a whopping 20% loss in total value.
ETH Loses Ground
One of the tokens that lost the most was Ethereum. Its price point collapsed below the $190 mark, precisely at $181, which is a 4% drop from 24 hours prior. ETH now faces a somewhat uncertain quest to climb back to the $200 range. Given that ETH is the most important altcoin, its daily decline means that the gap separating it from Bitcoin’s price is getting bigger and bigger with each passing day. The world will most likely see the day in which an altcoin matches Bitcoin’s value, but don’t hold your breath, as it may not happen soon.
Bitcoin is still gaining momentum when it comes to market share, and even though it showed a slight daily decline, the gap in comparison to Ethereum is bigger than ever. The 56.9 percent of Bitcoin presence in the crypto market is the highest since December 16, 2017, the day in which it shattered all predictions and reached the $20,000 mark.
The Biggest Losers
Ethereum lost quite a bit of value, but thankfully for its token holders, it wasn’t even close to the most affected cryptocurrencies. For example, take the case of VeChain (VET): it is now trading at $0.01, down 6.2% when compared to its value on Monday.
Bitcoin Cash (BCH) was also among the biggest losers of the day. The Bitcoin “baby brother” dropped 5.4% in value. It is now being traded at around $445. The market keeps “eating” altcoins at an alarming rate.
The third most prominent crypto, according to market cap, is Ripple. The XRP token also showed a decline, but it wasn’t as pronounced as Ethereum, VeChain, and Bitcoin Cash, at just 2.4%. It trades at $0.25 as of right now.
What About the Risers?
Fortunately, not everything is gray in the crypto market today. At least not to the Tezos (XTZ) people: their digital coin is trading at $1.34 as of right now, which marks a 12% increase in value over the last 24 hours. Tezos still has some catching up to do, as it is still down seven percentage points compared to last week.
By Andrés Chávez