Cryptocurrency Market Cap Dips Below $500 Billion, But Bitcoin Dominance Ascends

in bitcoin •  2 years ago 

The cryptocurrency market cap dipped below $500 billion on Wednesday, marking the recovery’s second hiccup in the past week. But although total valuations are in decline, Bitcoin’s market share continues to climb, once again putting to rest predictions that Ethereum is poised to supplant it as the largest cryptocurrency.

cryptocurrency market cap
Source: CoinMarketCap
On Monday, the cryptocurrency market cap had traded near $510 billion for most of the day, but at approximately 18:00 ET, $32 billion evaporated from the index. By the time of writing, the market had recovered to $484.6 billion, but this nevertheless represents a single-day decrease of more than four percent.

Bitcoin Price Struggles for $11,000
The market’s pullback was catalyzed by a precipitous Bitcoin price decline. On Monday, the flagship cryptocurrency had extended its rally as far as $11,788 on cryptocurrency exchange Bitfinex, at which point Bitcoin appeared to tumble off a cliff. Over the ensuing six hours, the Bitcoin price declined by more than $1,000, ultimately bottoming out at $10,680. Since regaining its footing, Bitcoin has recovered to just above the $11,000 mark, but it is currently unclear whether it will manage to hold at this level.

bitcoin price
Bitcoin Price Chart
Despite this decline, Bitcoin continues to increase its market share, enabling it to reestablish its dominance over the altcoin markets. At present, Bitcoin boasts a $189 billion market cap, which represents a 39 percent share of the total market cap.

Ethereum Price Drops Below $900
The Ethereum price, meanwhile, posted an even steeper day-over-day decline, falling more than five percent to $887 after trading as high as $959 on Monday. Ethereum now has a market cap of $87.5 billion, which translates into an 18.2 percent share of the index.

ethereum price
Ethereum Price Chart
92 of Top 100 Cryptocurrencies Post Declines
The bearish trend reverberated throughout the markets, forcing 92 of the top 100 cryptocurrencies into decline.

cryptocurrency market cap
The Ripple price declined by six percent and is currently holding just two cents above dollar parity. Bitcoin Cash endured an eight percent decline and is currently valued at $1,379. NEO did not fare much better, and its tokens are now trading at $125.

A previously-surging Litecoin posted the worst performance among top 10 cryptocurrencies, reducing its price to $221.

Cardano, EOS, and Stellar each posted seven percent declines, while IOTA rounded out the top 10 with a six percent tumble to $1.91.

Follow us on Telegram.

Advertisement

POSTED IN:
ALTCOIN ANALYSIS, ALTCOIN PRICES, BITCOIN ANALYSIS, BITCOIN PRICE NEWS, NEWS
TAGS:
CRYPTOCURRENCY MARKET CAP
SHARE POST
RedditTwitterLinkedInTelegramFacebookFacebook Messenger
AUTHOR
Josiah Wilmoth
Josiah is a former ancient and medieval literature teacher. He has been writing about cryptocurrency since 2014, and his work has been cited in Business Insider, NPR, and Yahoo! Finance. He lives in rural North Carolina with his wife and son. Email him directly at josiah.wilmoth(at)ccn.com.
These Firms Are Milking the Cryptocurrency Markets for Astronomical Profits -- And You’ve Probably Never Heard of Them
These Firms Are Milking the Cryptocurrency Markets for Astronomical Profits — And You’ve Probably Never Heard of Them
South Korea's Cryptocurrency Regulator Found Dead at Home
South Korea’s Cryptocurrency Regulator Found Dead at Home
$850 Million: Telegram ICO Quietly Shatters Blockchain Fundraising Record
$850 Million: Telegram ICO Quietly Shatters Blockchain Fundraising Record
82.4 Million Tokens: Venezuela Officially Launches 'Petro' Cryptocurrency Pre-Sale
82.4 Million Tokens: Venezuela Officially Launches ‘Petro’ Cryptocurrency Pre-Sale
Wyoming House Unanimously Passes Bill Exempting Utility Tokens from Securities Laws
Wyoming House Unanimously Passes Bill Exempting Utility Tokens from Securities Laws
The Cryptocurrency Hedge Fund that Operates Out of a Dorm Room
The Cryptocurrency Hedge Fund that Operates Out of a Dorm Room
Prices
News

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://www.ccn.com/cryptocurrency-market-cap-dips-below-500-billion-but-bitcoin-dominance-continues-to-climb/