Crypto Markets Now See Sharp Decline In Price as Total Market Cap Drops $12 Billion in just one Hour

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).

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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…”