Bitcoin Supremacy Reaches 2-Month High as Crypto Market Falls

On Wednesday, the cryptocurrency markets stepped back to another mid-week crisis, with the majority of top-tier coins posting minor losses. In the meantime, Bitcoin supremacy grown to a 2-month high as investors continued to fund their holdings back into the flagship cryptocurrency.

Currently, the cryptocurrency market capital is estimated at $452.4 billion, down from $459.6 billion on Tuesday. This represents a 1-day drop of about 2%.

Bitcoin Price Sinks After Short Race Past $11,000

Apart from this, the Bitcoin price had started the day on an upward trajectory, and it continued to ride this bullish wave past the $11,000 obstacle, eventually growing as high as $11,065. However, Bitcoin met opposition at that mark, and before long, the Bitcoin price began to get back. In the end, the Bitcoin price reduced more than by $400 on Bitfinex and is currently trading at $10,599. This represents a 1-day loss of about 1% and leaves Bitcoin with a $181,5 billion market capital.

Despite experiencing a slight obstacle against the dollar, although, Bitcoin continued to grow against its peers. On Wednesday morning, Bitcoin supremacy— the cryptocurrency’s share of the total market cap — hit 40% for the first time since the end of December, displaying that merchant and investor capital is beginning to rotate back into the flagship cryptocurrency.

Ethereum Price Tracks the Index

On Wednesday, the Ethereum price matched the index, losing 2% to $865 on Bitfinex after shortly testing $900 the day before. Presently, Ethereum has an $85,3 billion market cap, which equals 18,6% market share.

EOS, IOTA Swim Against the Flow

The altcoin markets were characterized by widespread reduces, but 2 large-cap tokens managed to swim against the flow.

Ripple, the 3rd-largest cryptocurrency by circulating market cap, posted a 3% fall, reducing its price to $0,90. Bitcoin Cash, ranked 4th, was hit with a 4% loss that reduced its price down to $1,225.

Litecoin — the only top-tier coin to fall on Tuesday — deepened its deviation on Wednesday. Currently, the Litecoin price is estimated at $210, representing a daily loss of 4%.

NEO involved in a similar movement, losing 4% to $134, while Cardano and Stellar each performed a little bit worse, posting 24-hour drops of 5% and 6%, respectively.

However, the 2 top-tier cryptocurrencies, managed to grow against the dollar even amid the general market fall. EOS, ranked 7th, increased by 3% to $8,62, while IOTA, ranked 10th, increased by 0,5% to $1,90.

Leave a Reply

Your email address will not be published. Required fields are marked *