The crypto comeback stalled on Tuesday, leading every top 10 cryptocurrency to decline by at least 5%. The ethereum and bitcoin prices were not immune to the correction, dropping 6% and 8%, respectively.
The crypto market cap had tested the $100 billion threshold last week – rising as high as $98 billion on July 23. But the market could not sustain its rapid gains, and Tuesday’s market fizzle reduced the total value of all cryptocurrencies below $90 billion. At present, the total crypto market cap is $88 billion.
The bitcoin price declined 6.5% to $2,584 on Tuesday to put an end to last week’s 33% climb. Nevertheless, the bitcoin price remains above $2,500, a mark that holds psychological importance for many casual investors. The current bitcoin market cap is $42.5 billion.
Ethereum fell further than bitcoin – 8% in the past 24 hours – but the ethereum price managed to stay above the $200 mark. At present, the ethereum price is $207, and it possesses a market cap of $19.4 billion.
Despite the decline, this week has brought ethereum some bullish news. The Russian airline PJSC Siberia Airlines – more commonly known as S7 – announced it has begun using the ethereum blockchain to sell tickets and is considering accepting cryptocurrency payments. The airline remarked that the blockchain facilitated a more efficient payment system, demonstrating yet another use case for this technology.
Only four coins in the top 100 managed to achieve positive movement on Tuesday, and 96th-ranked E-Dinar Coin was the sole coin to increase more than 5%.
The Ripple price declined almost 10%, once again pushing its market cap below $7 billion. The litecoin price fell 5% to $42; this is very disappointing considering that litecoin did not see gains anywhere near what most coins experienced during last week’s recovery. The NEM price fell 5%, dropping it to 6th place. Both the ethereum classic and IOTA prices fell 6%, to about $15 and $0.249, respectively. The EOS and Monero prices fell around 11%, while the Stratis price plummeted 17% to $5.
The Dash price fell to $194, a 9% descent. This pushed the Dash market cap below $1.5 billion. Nevertheless, Dash investors should find a silver lining in an otherwise-disappointing day. Dash managed to climb to 5th place in the market cap rankings, although it boasts just a $20 million edge on NEM.
Dash also received vindication in its year-long fight to gain entry into the Apple App Store. Last August, Apple decided to ban Dash-based applications – including mobile wallets – from its store. It has now reversed that decision, and Dash developers have already released an iPhone wallet.
The bitcoin price declined less than most coins on Tuesday, enabling it to further increase its market cap share. Bitcoin dominance rose from 47% on Monday to 48% on Tuesday. Ethereum’s share remained mostly steady at 22%, while Ripple’s declined slightly to 7.5% after spending most of June above 10%. Litecoin currently holds 2.5% share, and Dash, NEM, and Ethereum Classic each control about 1.6% of the market.
Featured image from Shutterstock.
Last modified (UTC): July 25, 2017 18:52