While the sight of Bitcoin dropping below the $6,000 mark today (Tuesday August 14) was disappointing, there had been a certain inevitability about it. More concerning however, are the startlingly negative figures shown by many top-20 cryptos.
In the early hours of Tuesday morning (CET), Bitcoin, despite the best efforts of those folk behind Tether, slipped to $5,996. Tether had earlier on Monday issued $50 million worth of new tokens in a bid to stimulate Bitcoin’s market. The tactic worked for a while, and Bitcoin briefly climbed as high as $6,458. Previously when Tether have issued a large haul of coins, the benefits have lasted days, even weeks. However, this time within hours Bitcoin was once again in decline.
Shocking Trend Of Top-20 Altcoins
While the fall of Bitcoin inevitably grabs all of the headlines, the entire crypto market is enduring a particularly bleak period. The overall market cap value of all 1,600-or-so cryptos is just $192.25 billion. $150 billion of that comes from the Top-4 of Bitcoin, Ethereum, Ripple and Bitcoin Cash, while more than half – $103 billion – is solely Bitcoin’s market cap value.
The soap opera that is Bitcoin has proved a distraction to the overall state of the crypto market, and the rapidly decreasing value of several Top-20 cryptocurrencies. Below are some of the cryptos that have been hardest hit over the past week.
For example, in the past 24 hours, Ethereum has dropped by 18.68% in value to $263. 81. In January, Ether had reached its best-ever price of $1,385, and after falling below $400, as recently as May it had climbed back up to over $800.
In the past seven days, Ethereum’s value has fallen by a whopping 35%, although that figure is topped by eight other currencies in the top-20.
XRP’s value has dropped by 13.45% in the past 24 hours to $0.26, its lowest price since December 9, 2017. In the past week, Ripple’s price has slumped by 36.7%. Clearly, if this trend continues, Ripple will fall out of the top-10, possibly the top-20, and there is a danger the most promising of cryptos could slip into obscurity.
In the past seven days, Iota, the 11th ranked cryptocurrency, has seen its value fall by 47.3%, the most dramatic – and worrying – drop among the top-20. Iota is currently worth $0.41, although at the start of August it was just under a dollar at $0.9652. In the past 24-hours, Iota’s value has fallen by 22.28%.
Incredibly, in December 2017 Iota was valued at $5.32, a figure which prove to be unsustainable.
This is the original Ethereum, the one that is ranked no.2 behind Bitcoin is actually the result of a hardfork in the Ethereum blockchain which took place in 2015. ETC is ranked 14th, but in danger of slipping out of the top-20.
In the past 24-hours, ETC has dropped 22.26% in value to $10.34, perilously close to its lowest ever price. Over the previous seven days, Ethereum Classic has lost an alarming 45.71% in value, the second biggest drop among the top-twenty, and clearly a collapse which is both disturbing and unsustainable, words which could be used to describe the crypto market in general.
Is it time to start panicking?