Thursday, December 6th was not a very kind day for most of the top 20 cryptocurrencies according to their market cap. The market, despite speculation that it can recover or fall even further, has failed to provide signs of optimism for investors around the world.
Bitcoin (BTC) is still struggling to surpass the $4,000 threshold, being valued at $3,416.64 at the time of writing this article. Said number represents an astonishing 9.88 percent drop in the last 24 hours. It saw a high of $3,887, but it refuses to go up, raising concern levels among the crypto community.
Ethereum Keeps Losing Traction
However, the most noteworthy development on Thursday was the performance of Ethereum. ETH reached another low, falling to $86.15 at the time of the present writing. That number represents an incredible 15.49 percent value drop in the last day, as ETH holders are left wondering what is happening with the coin behavior.
When the latest crypto collapse occurred on November 14th, ETH was hovering in the $210 range. Even sadder is the value that it showed on January when the crypto markets were at their peak: then, ETH was exchanging hands at $1,377.72.
A few weeks have passed since Ethereum lost its place as the world’s top altcoin by market cap, given that Ripple (XRP) now firmly occupies the spot.
Market behavior
Bitcoin keeps going down, and with it, most of the top altcoins are following a similar path. Ripple, now the second biggest digital asset in the planet, is trading in the range of $0,302, a 10.49 percent drop in the last 24 hours. Its market cap is $12.7 billion, a number that surpasses Ethereum’s $8.93 billion.
Stellar experienced over 16 percent losses in the day and is now trading at $0.113. Meanwhile, Bitcoin Cash continues to fall apart following the November 15’s a hard fork: the ABC blockchain’s asset is worth $104.07, and as actually surpasses by Bitcoin SV, the other “side” of the BCH so-called “hash war” actors.
Moreover, Bitcoin SV experienced a fantastic behavior on the last 24 hours, gaining 19.10 percent of the value and exchanging hands at precisely $107.33. It is important to highlight that its market cap ($1.87 billion) is now actually bigger than Bitcoin ABC ($1.82 billion.)
Speaking about the hash war, Cointelegraph reports that United American Corp, a Florida-located entity, filed a lawsuit against Bitmain, Kraken, Bitcoin.com, and Roger Ver, saying that they used “unfair methods of competition” that harmed UnitedCorp and other stakeholders.
In addition, the United American Corp. explains that when the hard fork took place, several entities used “rented hashing” to take control of the network, with the intention of favoring the adoption of Bitcoin ABC.
Daily Losers
Other daily losers were EOS (21.71 percent,) Litecoin (12.09 percent,) Tron (9.91 percent,) Cardano (14.24 percent,) Monero, Binance Coin, IOTA, NEM, ZCash, Dash, NEO, Ethereum Classic, Dogecoin, Maker, VeChain, Bitcoin Gold, and others.
The total market cap of cryptocurrencies keeps going down and is now $107 billion. Despite its recent price drop, Bitcoin dominance is stronger than ever, with 55 percent of the market.
By Andres Chavez
