This past week has seen crypto markets sink again with most of the top 2o coins by market cap in the red. Majority of Altcoins are recording losses in the region of 5-6percent of the top 20 currencies. Even the mother of all cryptos Bitcoin has slightly dipped this past week having traded at 6,238 dollars on this day of the week last week. That price is a 0.3 percent loss compared to the close of the previous day. Total market capitalization has dropped to 191 billion which is the lowest its dropped since early November 2017. In a nutshell, crypto markets lost about 20 percent of their value in the past 7 days going down to 191 billion from highs of 239 billion.
In another wave of red, Bitcoin still continues to gain momentum in terms of market share and has shown significant growth in its dominance over the Altcoins. Bitcoin has seen a bit of a recovery compared to Altcoins registering highs of 56.9 percent for the first time since the 16th of December last year when Bitcoin rose to an unprecedented all-time high of 20,000 dollars. At that time commentators and enthusiasts in the crypto community went crazy with excitement. Some investors hit the sell and tied up neat profits while others bought the top in the hope that it would higher only for them to see their portfolios crashing down months later.
Vechain (VET) and Bitcoin cash (BCH) have taken the biggest hits amongst Altcoins as far as losses go. These coins saw a decline of 5 percent of their over the course of just 24 hours. BCH over this past week traded down by 5.4 percent trading at 445 dollars while Vechain dropped by 6.2 percent trading at 0.01 dollars. Ripple (XRP) is another Altcoin that has not been spared either. The third among top crypto-currencies saw a decline in value by about 2.4 percent within the space of a day. while most of these Altcoins are seeing there light dwindle in the markets, controversial Altcoin “Tezos” (XTZ) has gone up in value by almost 12 percent the Altcoin has registered a big improvement trading at 1.34 dollars. Other than Tezos which has registered an unexpected rally, the other Altcoins have pretty much been in the mud for the most part.
Bitcoin which is the ancestor of all these other coins has shown some signs of resurrection though, indicating that a lot of these Altcoins could be on the ascendancy soon as well. Cases of crypto-currency have been touted as one of the reasons why a lot of cryptocurrencies are getting crushed in the market with the founder of OKCoin being held over allegations of fraud.
