Bitcoin Smashes Another Record of Market Dominance in 2018 Amid Altcoins Continuous Decline
Cryptocurrency markets have seen another downward plunge today, with most of the top 100 coins by market capitalization showing red charts, as per the data from CoinMarketCap. The majority of altcoins are recording losses even when the 7-day charts are taken into account. Among the top 20 coins, only Dogecoin is showing green signals, which has shown a consistent growth this month.
Despite the increase in its market dominance to 57.9%, Bitcoin (BTC) is also a little down today and currently trading at $6,290, which is nearly a 0.43 percent loss over the past 24 hours.
Ethereum (ETH) is seeing considerable downfall today, with its price point having dropped further down from $190 level. The top altcoin is now trading at around $173, down by a considerable 9.6 percent over a 24 hour period.
"Total market capitalization has dropped to $187.6 billion, which is the lowest point since early November 2017, as per the data feed on CoinMarketCap."
At the time of reporting, the losses of the cryptocurrency market over the past 8 days constituted around 21.5 percent, down from about $239 billion on September 4.
In another surge of red, Bitcoin still continues picking up momentum in terms of market share, exhibiting a considerable increase in its dominance over the altcoins.
"The percent of Bitcoin's dominance has now reached 57.9 percent for the first time since December 16, 2017, which is the day before Bitcoin escalated to its the all-time high of $20,000."
In terms of the greatest losses among the cryptocurrencies over the day, FunFair (FUN) and Basic Attention Token (BAT) have suffered the most, both seeing more than 13 percent declines over a 24 hour period.
Ripple (XRP), the third top cryptocurrency by market cap, is down about 1.3 percent over the past 24 hours and trades at around $0.26 at press time.
While most of the altcoins are seeing another downward trend, Dragonchain (DRGN) is up almost 10 percent instead. The altcoin is trading at about $0.2 at press time. Chainlink is another altcoin which is up by 2.64% by 24-hour trade data. It is trading at $0.24 at press time.