Bitcoin rises to 43% market cap dominance while Ethereum drops below 25%

The so called 'flippening' is not going to happen. At least not anytime soon.

Image by coinmarketcap.com

Bitcoin and Ethereum came close together two weeks ago, but Bitcoin surged to nearly 43% market cap dominance today while Ethereum dropped to below 25%.

The combined market cap of all cryptocurrencies has fallen below $100 billion after reaching an all time high of $116 billion just two weeks ago. It stands at $88.5 Billion at the moment I'm writing this blogpost, a more than 20% decline from the all-time high.

Image by: coinmarketcap.com

Almost no single digital currency has escaped the sell-off. It's red everywhere, but most of the coins lost relatively more value than Bitcoin. That's why Bitcoin has risen in market cap dominance, despite the price of Bitcoin dropped as well.

It’s just a healthy correction in my opinion. As you can see in the chart above, cryptocurrencies have skyrocketed over the last few months. It's very normal when traders are simply taking some profits at these levels. The total market capitalization has surged from $17.6 Billion USD at the beginning of this year to $116 Billion USD. After such gains, it is healthy for cryptocurrencies to "take a pause".

Of course, no one knows how far this downwards pressure will go. We'll see how all of this develops in the coming days.

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