On Wednesday, September 5, crypto markets suffered a sharp decline within an hour, with the total market cap dropping down by $12 billion and almost all of the highest rated 100 coins by market cap in red, according to Coinmarketcap.
The highest cryptocurrency Bitcoin (BTC) dropped down below $7,000 point today. Bitcoin went down again by around 5% in the past 24hours, at around $6996. It hardly holds monthly gain a usual rather weekly losses of about 1%.
Ethereum (ETH) is part of the cryptocurrencies under loss which has gone down to below $300 point. ETH is now at $228, down which is over 11% in about 24hours (as at the time of writing this post).
The total cryptocurrency market cap went down surprisingly within an hour and continued going down in another dip. The total cryptocurrency market is about $222 billion are at the press time down from yesterday’s high of $240 billion.
Despite this downward fall in the mark for Cryptos, Bitcoin has shown more dominance of other cryptocurrencies with about 1% currently amounting to 54.3%(the highest point of dominance over the past 2 weeks).
The average losses that most of the top altcoins with market cap ranging between 9%-12% with major coins Ripple (XRP) 11%, bitcoin Cash (BCH) 10.2% and EOS 10.9%.
XRP is trading at $0.30, BCH $562 and EOS amount to around $5.85.
Bitcoin Gold (BTG), sees the least of losses at 4.6% it will be delisted from major crypto exchange Bittrex by mid-September, and trading at $20.60 at press time.
In contrast, another hard fork of Bitcoin, called Bitcoin Diamond (BCD), is seeing tremendous growth today, at about 110% in the past 24 hours to press time.
CNBC’s crypto trader host Ran NeuNer has subsequently reacted on his Twitter to the recent market dip, writing that the “movement” from a crypto wallet allegedly associated with the Silk Road could be the reason for the drop:
“100 000 BTC dump days after the movement from the Silk Road wallet had a big withdrawal…”