Here's a heatmap of the last 7 days...
... and a table of market dominance from last friday and today.
Over the last week every cryptocurrency has fallen in price with only Ethereum substantially outperforming Bitcoin amongst the majors. From the market dominance data we can see that both Bitcoin and Ethereum have gained market share while Ripple (8.78% - 7.40%) has underperformed the most of the major coins. The category 'others' which includes the rest of the altcoin universe has suffered the most, losing over 2% market share. One reason for this could be that during a risk-off situation people want to sell their 'riskier' and more speculative bets first, like altcoins. However in order to do that they will actually be buying ETH or BTC (as most altcoins only trade in pairs with ETH or BTC). This could be what helps soften the fall of those two. An interesting development in this space has been decentralised stable coins, like Maker's DAI. Particularly topical given the recent issues with centralised stable coin Tether.
Here's a 3 month chart of total cryptocurrency marketcap (383bn) which puts this sell-off into perspective
Some of the highlights from this weeks news:
- Bitcoin's scaling solution continues to make progress with more than 400 mainnet nodes and 1000 channels.
- Bitcoin miner fees fall to 2-5 sat/byte from 500+ sat/byte as the mempool gets cleared out. However this appears to be building up again during today's sell off.
- Samsung enters crypto mining market with mass production of ASIC chips
- South Korean finance ministers confirms no crypto trading ban
- Digital payments company Square rolls out Bitcoin payments to most of its Cash App users
- Popular messaging app Line plans to launch a cryptocurrency service
- Japanese startup Nayuta is bringing lightning to the Internet of Things
- Tether confirms its relationship with auditor has been dissolved.
- EU launches Blockchain project in partnership with ConsenSys in order to fund up to $425 million in blockchain projects
- Indias regulation of cryptocurrency causes confusion with many unsure exactly what their final stance is.
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