Tuesday, August 14, marked a bad day for the investors of the crypto industry. Although Bitcoin underwent a week full of struggle, there were other altcoins facing even worse conditions.
While all other altcoins in the crypto market experienced a downfall, Ether was no exception. In terms of market capitalisation, the world’s second-largest digital coin, Ether, portrayed itself as the biggest loser amongst the list of top five. As per the figures reported by CoinMarketCap yesterday, the token declined more than 12 percent in its value trading at around $260. Ether has reduced approximately 65 percent in its value, after beginning as high as $760, just this year.
Matthew Newton, global investment platform- eToro’s analyst, comments on the present situation of the crypto market. He says,
“The crypto market seems to have hit panic mode, with prices falling significantly across the board. As we can see in the case of Ether, investors seem to be increasing liquidations of their ICO holdings, with significant drops in price and increased volumes.”
At the same time, Ripple’s XRP, the world’s third-largest cryptocurrency, fell down to about 26 cents in value, depicting a reduction of approximately 10 percent. In accordance with the figures at the time of commencement of this year (XRP – $2.30), the crypto token has dropped about 90 percent in its value.
Additionally, as per the claims of CoinMarketCap, the entire crypto market has witnessed a downfall of approximately 69 percent this year. However, in the past 24 hours, the intensity of this effect increased shockingly, and the market experienced a loss of $19 billion.
In such times as well, Bitcoin constitutes more than half of the digital currency market, and is striving for its recovery, and to hit back its past record of $20,000 this December.
The sluggish market conditions, however, have had a negative impact on Bitcoin too. On Tuesday, BTC price fell below $6000, showing a total decline of around 56 percent, this year.