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 August 13: The cryptocurrency market failed to sustain its short-lived recovery today, with the price of Ethereum (ETH) falling to multi-month lows below $300, according to data from Coin360, with only a handful of altcoins surviving widespread losses. Bitcoin (BTC) suffered minimal losses on the day. Ethereum (ETH) is currently trading at $288, down 9.77% on the day. After trading sideways for much of the day, trading close to the $320 mark, the top altcoin’s price plummeted dizzyingly in the two to three hours leading up to press time. Of the top 10 cryptocurrencies on CoinMarketCap’s list, Ethereum has seen the heaviest losses on the daily chart. This week, the leading altcoin has lost more than 28%, with its monthly loss approaching 33%. Ethereum is currently trading at a nine-month low, touching below $300 in early November last year. Bloomberg analysts explained today that Ethereum’s price decline is due to “pressure to cash out ICOs,” noting that Ethereum is the “most popular” platform for blockchain startups to build and raise funds. On the other hand, according to Cointelegraph's Bitcoin Price Index, Bitcoin fell 1.6% that day, a negligible drop. At press time, Bitcoin was trading at approximately $6,224. During today’s earlier trading session, the asset made another attempt to break above the $6,500 resistance, but later slipped, losing around $200 in 6 hours. While Bitcoin’s volatility may appear stark at this granular resolution, in reality, it’s almost exactly the same as it was a month ago. However, Bitcoin’s weekly losses remain at around 9% – as recently as last week on August 7, Bitcoin was trading above the $7,000 mark. Almost all of the other top ten coins listed on CoinMarketCap suffered losses between 4% and 8%, with the exception of Stellar (XLM), which rose 2.25% to $0.23. In fact, Stellar has now ended its losses on its XLM/USD weekly chart. Among the 20 coins with the highest market capitalization, IOTA (MIOTA), which ranks 12th, has fallen as much as Ethereum that day, falling by 10.61% as of press time. Just like Ethereum, the altcoin’s decline over the past few hours has accelerated at press time. TRON (TRX), ranked 11th, and Neo, ranked 15th, both lost between 9% and 11%. Tezos (XTZ), ranked 18th, experienced a bloody storm, plunging nearly 19% that day to $1.23. The altcoin’s losses intensified in the hours leading up to press time. Bitcoin (BTC) dominance, defined as the share of Bitcoin that accounts for the total cryptocurrency market capitalization, has broken a new record set in 2018, surging to 52.7% on the day. BTC dominance began to rise in mid-May. At press time, the total market capitalization of all cryptocurrencies is approximately $205.5 billion, still close to its lowest level in 3 months. With Bitcoin significantly more resilient than other major crypto assets, mainstream media today made further positive comparisons to the mainstream financial sector: Amid an escalating currency crisis in Turkey, Bloomberg noted today that “the lira’s 10-day range against the dollar now exceeds that of Bitcoin, amid an escalating currency crisis in Turkey. ” Meanwhile, as today’s in-depth Cointelegraph analysis shows, the cryptocurrency market as a whole has absorbed the U.S. Securities and Exchange Commission’s (SEC) decision to delay the listing and trading of a high-profile Bitcoin ETF until the end of September. These effects have clearly weakened Bitcoin and suppressed its recent value, but as the market chart shows, they also extend into broader territory.  |
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