Recent times haven’t resulted in expected profits in the world of the crypto market, and it is amounting to the even worse news. According to the statistical analysis reports from CoinMarketCap, the crypto markets sees a sharp decline as the market cap dips by $12 billion in just a matter of an hour. The hourly dip has lowered the top 100 crypto coins to result in red areas.
Bitcoin, who was showing signs of rather slow but progressive recovery, is suffering the threat once again with this sharp decline in the market. It being the major cryptocurrency, BTC suffers a crucial dip and reaches the graphs by going below $7,000 price as of today as per the reports by Cointelegraph BTC price index.
In the past 24 hours, the bitcoin has dipped by 5% and currently is trading around $6,996 at the time of press. Up until now, the digital currency was already facing problems with holding the gains on a monthly basis, but now it seems to be dropping by 1 percent on the weekly losses too.
Along with bitcoin, other cryptocurrencies aren’t much in a good place either. Another major crypto coin Ethereum suffered loss and the price of ETH purges even below the point of $300. At the time of press, the ETH is looming at $258, which showcases the 11% dip in the last 24 hours till the press time.
The dramatic hour slowed down the entire crypto market capital, and it appears to have made its place among the downward trend on the charts recently. It seems like more lows are coming in its way as it sets the price of $222 billion which is lower than yesterday’s $240 billion high.
However, even during the downward trend, bitcoin manages to hold the upper hand over other competing cryptocurrencies in the market that are also suffering the dip of the total market cap. Bitcoin holds the place of dominant cryptocurrency even in the slump. The position of bitcoin performs in equivalent to the effects in the market.
However, this time Bitcoin manages to hold its place among the most volatile time of the market and manages to keep the dominance by increasing significantly in short time. The last couple of hours increased BTC by 1 percent which now brings it forward by almost 54.3% in total. This price can be the highest point in bitcoin dominance for two weeks.
Most of the altcoins in the market cap range suffer from average losses with an interval of 9-12% before the press time. Major Cryptocurrency coins Ripple (XRP) is down by 11%, Bitcoin Cash (BCH) by 10.2% and EOS by 10.9% by the time of press. Bitcoin Gold will not enlist in major crypto exchanges as one of them in September. However, BTG is experiencing smaller losses and a dip of 4.6% which now brings the trade price at $20.60 last checked.
Alternatively, Bitcoin Diamond (BCD) is sighting exemplary growth as of today as it reaches over 110% in the last 24 hours till the time of press. Ran NeuNer, CNBC’s crypto host trader reached the public through twitter regarding the market dip and said that the “movement” concerning crypto wallet alleged association with Silk Road could be a subsequent reason for the drop.
We say that whatever the reason behind this sharp drop, it is surely opening new dimensions for the crypto world. Even though the general view of the current market is a slump, it is showing a dominant side in favor of Bitcoin and not so much for other currencies.