Crypto-Market Drops Another $30 Billion in One Day
On the 14th of August, the crypto-market has dropped to the bottom of the barrel, its lowest point since November of last year, now currently lying at just short of $190B. Over the last day, the market capitalization has shed around $30B and since the beginning of this month, the market itself has shrunk down just over 30 percent, with over $90B in value gone.
Bitcoin, the first and leading cryptocurrency, dropped past the $6K price mark and has yet to update its June-end YTD record, with alternative coins taking the worst hits and under-performing any other coin.
What triggered the massive value-slide was the selloff of cryptocurrencies by speculative traders and investors. The bear-trend was kicked into action following the SEC’s decision to delay the approval or rejection of a Bitcoin ETF once again, rescheduling the decision for the 30th of September 2018. Despite Bitcoin being the center of attention, alternative coins have fallen to the lowest levels of this year so far.
As a result of this, BTC’s market-dominance has settled at almost 54 percent, the highest level achieved since last year in December. As of now, Ethereum and XRP have seen drops of 17 percent and 14 percent as data from CMC in the last day has revealed. Ripple managed to shave off a whopping 90 percent of its price following its peaking high earlier this year.
Ethereum has not been seen to trade at this low a price since September of last year. According to the change in coin values over the last day, the leading 100 are all negatively performing within the red zone and only three coins from the leading 200 have displayed slightly positive performances.
The current situation is proving to be complicated for active traders as heavy concerns are surrounding the current state of the cryptocurrency market. Currently, the ecosystem is riddled with speculative traders. In 2017, Bitcoin managed to break past all odds and reach its all-time high just short of $20000 on the market and a few alternative coins managed to rack in massive profit based on the FOMO trend at the time. Right now, the complete opposite is in effect and the current down-pounding of the market by the dominating bearish-trend is on-going.