The market is down $25 billion from yesterday’s high of $219 billion, sliding to $193 at the time of writing.
Altcoins have been hit hard with Ethereum down almost 18% overnight according to coinmarketcap.com and hitting lows not seen since August 2017, now trading at $264. Ripple is also at a yearly low, down 14.33% to trade at $0.26, a value not seen since last December. XRP is down 92% from its all-time high of $3.37 making it one of the hardest hit altcoins in the top ten by market cap. Bitcoin Cash and EOS are also down 16% percent today, and Cardano has taken a 20% hit making it the biggest loser in the top 10 over the last 24 hours.
The biggest losses in the top 100 were seen by Ark, ICON, and Wanchain with losses of 30.5%, 29.05%, and 27.97% respectively. A currency ranked no. 886 named Inflation Coin is ironically down 92% from yesterday, and a handful of relatively obscure currencies are also trading higher than yesterday.
Bitcoin is also at its lowest since October 2017, almost testing the $6,000 mark at $6,040 although it is one of the least affected currencies over the last 24 hours, down over 6.5% from yesterday. The only currency to take a smaller hit was Cryptonex at no. 66 on coinmarketcap along with 2 stablecoins, Tether and TrueUSD.
CCN recently reported on the increase in Bitcoin market dominance throughout the recent decline which has enabled the dip in Bitcoin to have a major impact on many altcoins in the market. Dominance is currently at 54% compared to 35% in May.
In fact the staggering price drop Ripple has undergone comes despite a number of high-profile figures and news stories involving the project emerging recently, such as a partnership with Madonna, a conference featuring Bill Clinton as the keynote speaker, and a potential Coinbase listing. Bitcoin’s dominance and the overall market trends currently seem to detach the price action from progressive developments being made in the space, something which may change over time with more investors entering the space.
Yesterday, CCN reported on bearish trends in the market which stated that Bitcoin would test around the 6050 mark before sinking further to 6012 if broken, which may be where Bitcoin is currently headed.
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Last modified: May 20, 2020 6:07 PM