Ethereum, Bitcoin Prices Decline as Crypto Comeback Stalls

Journalist:
Josiah Wilmoth @Y3llowb1ackbird
July 25, 2017

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.

Chart from CoinMarketCap

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.

Chart from CoinMarketCap

Bitcoin Price Falls Below $2,600

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.

Bitcoin Price Chart from CoinMarketCap

Ethereum Price Clings to $200 Threshold

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.

Ethereum Price Chart from CoinMarketCap

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.

Dash Moves Up to 5th Place as Altcoin Prices Skid

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.

Altcoin Price Chart from CoinMarketCap

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 Price Chart from CoinMarketCap

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.

Bitcoin Dominance Continues to Climb

Chart from CoinMarketCap

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

Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.