Altcoin Apocalypse? Bitcoin Reversal Triggers Crypto Bloodbath

Altcoin Apocalypse? Bitcoin Reversal Triggers Crypto Bloodbath

 

Bitcoin’s sharp correction Thursday hastened a market-wide collapse in cryptocurrencies, with the majors posting double-digit losses across the board. Not only has altcoin season failed to materialize, alternative assets are quickly losing relevance in a market that is increasingly dominated by bitcoin. Cryptos See Market-Wide Correction

As bitcoin sold off $2,000 peak-to-trough, altcoins and tokens have experienced even more debilitating declines. At the time of writing early Thursday, 47 of the top 50 cryptocurrencies by market cap were trading firmly in negative territory.

In the last 24 hours, bitcoin’s market capitalization has declined by roughly $24 billion. Altcoins and tokens have shed a combined $14 billion over the same period. All said, the crypto market cap as a whole plunged from around $356 billion to $317 billion on Thursday. As the following chart illustrates, most of the top cryptocurrencies were down double digits Thursday. EOS was the biggest loser percentage-wise, falling 20.4% to $4.64.

Ethereum plunged 12.1% to $271.69. The developer coin is off 24% from its most recent high. XRP fell 14.7% to $0.3358 after failing to break above the psychological $0.4000 level. Read more here . Litecoin, the fourth-largest cryptocurrency by market cap, declined 13.6% to $102.53. Bitcoin cash sold off 17.5% to $343.82. Bitcoin Dominance Threatens Altcoins

Despite losing more than $20 billion in market cap, bitcoin’s leadership pace of the broader cryptocurrency space increased on Thursday. Bitcoin’s dominance rate, which reflects the percentage of total crypto holdings devoted to BTC, swelled to 65.6%, the highest since April […]