The crypto markets turned sour on Friday, as five top-10 coins posted weekly losses of at least 9%. The ethereum price bore the brunt of the damage, while bitcoin dipped but managed to stay afloat. The market has spent the last two weeks struggling to…
The crypto markets turned sour on Friday, as five top-10 coins posted weekly losses of at least 9%. The ethereum price bore the brunt of the damage, while bitcoin dipped but managed to stay afloat.
The market has spent the last two weeks struggling to stay above $100 billion. That trend continued on Thursday, as the total cryptocurrency market cap briefly crossed the $100 billion mark before taking a southward turn on Friday. At present, the total market cap is $96.1 billion.
The bitcoin price stumbled on Friday, declining 2.8% after rising as high as $2,616 on Thursday. For the week, bitcoin posted a relatively-stable 0.9% decrease to its present value of $2,516. Bitcoin now has a market cap of $41.4 billion.
The ethereum price appears to be in a tailspin, plunging 7% for the day and 18% for the week. Since crossing $400 on June 12 in a triumphant advance, the ethereum price has declined by almost 40%. At its present value of $252, ethereum is worth less than it was a month ago.
Ethereum’s nosedive has reduced its total valuation to $23.5 billion. Ethereum’s market cap is now just 57% as large as bitcoin’s. Ethereum trading volume, which consistently led all coins during June, now trails bitcoin by more than $250 million.
The altcoin markets find themselves engulfed in a sea of red. The normally-steady Ripple price fell by 9% to $0.242 over the course of the week, while Ethereum Classic dropped 11% to $17. The NEM price has declined more than 9% in the past 24 hours alone; it currently sits at $0.154. The EOS price has cooled off since its record-setting ICO; on Friday it declined 16% to $2.77.
But the downturn hit no major cryptocurrencies as hard as IOTA, Stratis, and BitShares. Eighth-ranked IOTA fell 14% for the day and 27% for the week; the decline pushed the IOTA price to $0.322 and market cap to $895 million.
Stratis also posted a 24-hour decline of 14% to $5.14 and a $506 million market cap. Nevertheless, Stratis still clings to a top-10 ranking, because the BitShares price plummeted this week, too. It fell 26% to $0.189, reducing its market cap to $491 million.
Litecoin and Dash were the only leading coins to post positive weekly returns, although they have both declined significantly since reaching all-time highs earlier in the week. The litecoin price currently trades around $48, while the Dash price rests just under the $200 mark at $199.
Ethereum’s terrible week enabled bitcoin to pull further ahead in market cap dominance. Last Friday, bitcoin (40.5%) held a 12.6% lead over ethereum (27.9%). Bitcoin steadily increased that distance throughout the week.
At present, bitcoin boasts a 43.1% market cap share, while ethereum lags behind by 18.4% with a 24.5% share. This is the widest gap between bitcoin and ethereum since June 27, when bitcoin very briefly advanced to a 20% lead.
Last modified: May 21, 2020 9:42 AM UTC