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.
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