Cryptocurrency Market Update: Bitcoin Dominance Reaches New 2018 High

bitseven.comThere has been virtually no movement in the crypto markets over the past 24 hours. They are still thoroughly depressed and in their worst state for over a year. Total market capitalization is still below $200 billion and close to its lowest level for 2018.
There has been barely any action on the Bitcoin front as it remains at the same level as yesterday, $6,350. BTC is consolidating just below the key $6,400 resistance level and a bearish continuation pattern appears to be forming. Ethereum continues to slide with another 2% lost today to bring its price just below $195. Low ICO funding and general lack of confidence in the markets is making things worse for Ether.

Altcoins continue to tumble with the majority of them in the red once again this morning. Yet again Cardano is taking the biggest dive in the top ten with a 5% loss to $0.072. Since its all-time high ADA has dumped a colossal 94% making it one of the worst performing altcoins. XRP and Bitcoin Cash continue their decline with a further 2-3 percent loss on the day and the rest are relatively flat.

Further down the market cap chart is Nem and VeChain, both getting beat up with a 5-6 percent dip on the day. In the top twenty only Tezos is showing any real gains, up 3.7% to $1.26 at the moment. The top altcoin in the top one hundred at the time of writing is Emercoin which has pumped 55%. Waves is also still flying at 21% higher on the day and Reddcoin has climbed a further 17%. Getting battered once again is Holo and Rchain dropping 7-9 percent.

Total crypto market capitalization has not really moved over the past 24 hours and is still languishing around $195 billion. Altcoins, especially Ethereum, are taking the brunt of this decline and Bitcoin is staying buoyed above $6,000. Ethereum’s market cap has dropped below $20 billion for the first time since July 2017. This has increased BTC market dominance to the highest point this year – 56%. Bitcoin’s market share was previously this high on December 15 coinciding with its huge rally

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