Bitcoin Prevails as Crypto-Market Drops Again
After a minor attempt at recovering on the 10th of August, cryptocurrencies have taken yet another blow today, the 11th of August. A majority of all digital currencies have dropped heavily, although Bitcoin is the only one to perform positively among the top twenty cryptocurrencies.
As of now, Bitcoin has managed to gain just under one percent within the past day. Currently, BTC is valued at $6438 on the market, climbing to that value after a drop down to $6051 on the same day. Following its unexpected climb to a new high of $8230 in July, a height achieved after a two-month low, Bitcoin has dropped around 8.5 percent this week. Despite this, the coin has managed to maintain one percent over the last month.
After crashing past the $400 support level on the 6th of August, Ethereum has plummeted down to $306 on the market as of today, also dropping around 8 percent within one day. Unlike the norm, Ethereum has suffered the worst among the ten leading cryptocurrencies. The coin has managed to lose 25 percent of its price over 30 days and over 50 percent within the last three months.
EOS and IOTA have seen the biggest losses over the last week as CMC has reported. Currently, EOS is valued at $5.23 and dropped almost 25 percent over the last seven days and IOTA has dropped around 36 percent as well, currently valued at around $0.54. Total market cap (TMC) has dropped to a low of $206B as of the 11th of August although markets have succeeded in regaining a few of the losses and dragged TMC back to $216B. Although these numbers have not been seen since last year, over 1800 cryptocurrencies currently exist.
Tom Lee, the lead researcher at Fundstrat referenced BTC’s dominance rate as the most notable factors of how the market has been responding to the current state of affairs within the cryptocurrency industry. The Chief Executive Officer of Pantera Capital, Dan Morehead, also stated that the markets were essentially overreacting to the latest action by the US SEC in delaying the Bitcoin ETF once again, pushing the date to September.