Cryptocurrency Total Market Cap Drops By $12 Billion Within One Hour

Crypto Markets See Sharp Decline as Total Market Cap Drops $12 Billion in One Hour

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  • The Total Market Cap of all cryptocurrencies drops by $12 Billion within one hour.
  • Prices of almost all top 100 cryptocurrencies by market share dropped sharply.

According to MarketCoinPrice on Wednesday 5th September 2018, the cryptocurrency markets suffered a severe drop in price just within one hour. More so, the total market cap of all cryptocurrencies dipped by about $12 Bln. With this, most of all the top 100 cryptocurrencies by market capitalization are currently in the red.

Bitcoin

According to MarketCoinPrice’s price index, Bitcoin, the largest cryptocurrency by market cap, dropped again in price to about $7,000 today from about $7,400. The cryptocurrency dropped by about 5% within the past 24 hours, and presently trading at around $7,016 at press time. Bitcoin is hardly holding any monthly gain, whereas it weekly losses have added up to about 1% at press time.

Ether

Ether (ETH) also dropped in price today. The price of Ether dropped to below $300. At press time, Ether traded at $259. This is about 11% dip over a 24-hour period.

The total cryptocurrency market capitalization sharply declined within just one hour, and it appears like it may continue in the downward trend to witness yet another drop. Presently, Total cryptocurrency market cap is about $222 Bln, about a 12% drop from its yesterday’s value of about $240 Bln.

While the cryptocurrency market witnessed a downward trend, Bitcoin saw an appreciable growth in terms of dominance over other digital currencies. In comparison with the sharp fall of the cryptocurrency markets, Bitcoin’s dominance saw a significant increase of about 1% over a short period of time and currently amount to about 54.3%. This is the highest recorded point of Bitcoin’s dominance over the past 2 wks.

At press time, the recorded average losses of the top 100 cryptocurrencies by market capitalization range within 9-12% –  EOS dropped by 10.9% and trade presently at $5.85, Bitcoin Cash dropped by 10.2% and trade presently at $562, and Ripple XRP dropped by 11% and trade presently at $0.30. Bitcoin Gold witnesses a smaller loss of about 4.6% and trade presently at $20.60. A report has it that Bitcoin Gold may be delisted from Bittrex later this month.

Conversely, Bitcoin Diamond, another product of Bitcoin hard fork, saw a significant increase in price today – 110% within the past 24 hours.

It was reported that Ran NeuNer, the CNBC’s cryptocurrency trader host, believed that the dip was as a result of the “movement” from a cryptocurrency wallet supposedly associated with the Silk Road:

“100 000 BTC dump days after the movement from the Silk Road wallet had a big withdrawal…”

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