Sharp 12$ Billion drop caused a decline in cryptocurrency market

September 5 has become a key date for the cryptocurrency market as on Wednesday it experienced a sudden decline within a single hour. CoinMarketCap reports that the loss has reached $12 billion and the biggest number of top 100 coins have been market red. Cointelegraph’s Bitcoin price index showed that the most popular BTC cryptocurrency […]

By - September 5, 2018
Crypto Market Cap Down

September 5 has become a key date for the cryptocurrency market as on Wednesday it experienced a sudden decline within a single hour. CoinMarketCap reports that the loss has reached $12 billion and the biggest number of top 100 coins have been market red.

Market visualization from Coin360

Cointelegraph’s Bitcoin price index showed that the most popular BTC cryptocurrency has lost much in its price and gone below $7,000 point. Within 24 hours it has lost almost 5% and is now trading at $6,996. BitCoin is on the point of losing its monthly gains because of 1% losses during a week.

Not only BTC experienced huge losses on that day, Ethereum is not an exception. Its price has gone down and lowered below $300. The current trading cost of the coin is $258, the loss within a 24-hour period is estimated at over 11%.

A dramatic decrease in the total market cap has happened within 1 hour only and it continues to go down resulting in the next dip. Consequently, a current total cap of the crypto market has decreased from yesterday’s $240 Billion to $222 at the moment.

At the same time, there is a positive consequence for BitCoin in the following downward trend. BTC has increased its dominance over all the other cryptos. Within a rather short period of time Bitcoin continues to dominate the market almost by 1% more and now has reached the amount of 54.3%. It is a top point within previous two weeks.

Each of the top altcoins has experienced losses, their average loss range is between 9 and 12%. Ripple (XRP) has lost 11%, BitCoin Cash (BCH) – 10.2% and EOS – 10.9% at the moment. XRP current price is $0.30, BCH is trading at $562 and EOS – at $5.85.

Speaking about BitCoin Gold that is going to be excluded from the major cryptocurrency exchange has lost 4.6% and its current price is $20.60.

 

If to compare this coin with BitCoin Diamond, for example, the latter one has grown significantly within 24 hours only – by 110%.

Ran NeuNer, a trader from CNBC, has tweeted on his page that the following decline of the cryptocurrency market can be connected with the withdrawal of the Silk Road wallet.

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