Bitcoin and Ethereum Fall Substantially in $18 Billion Crypto Market Wipeout

Bitcoin Breaks 50% Dominance For the first time in 2018, Bitcoin, the most dominant cryptocurrency in the global market, has obtained 50 percent of the market share, securing its year-to-date (YTD) high on the dominance index. The sudden increase in the dominance index of Bitcoin which coincided with the spike in the volume of Tether have demonstrated that investors have become reluctant towards taking high-risk and high-return trades, mostly due to the lack of confidence in the short-term trend of the market. Over the past few weeks, tokens have lost over 50 percent of their value against Bitcoin, which has also fallen by more than 20 percent since late July. For instance, EOS, dubbed the “Ethereum Killer,” has dropped 50 percent of its market valuation in the past 30 days, due to the instability and volatility in the market. In recent months, the volume of BTC and the rest of the crypto market have substantially decreased. In late July, when BTC initiated a promising run to the higher end of $8,000, its volume neared the $6 billion mark. As of August 11, the volume of BTC remains below $4.4 billion while the volume of Tether (USDT), a stablecoin whose value is hedged to that of the US dollar, has increased to $2.8 billion, more than $1.2 billion higher than the volume of Ethereum. Since July, traders have discovered that the price trend of small cap tokens generally follow the price trend of XRP and EOS. In the past 24 hours, Ripple and EOS have dropped 11 percent of their value against the US dollar.

https://www.ccn.com/bitcoin-and-ethereum-fall-substantially-in-18-billion-crypto-market-wipeout/