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Cryptographic market recorded a loss of $ 18 billion in the last 24 hours, as the main cryptocurrencies, including Bitcoin, Ether, EOS and Bitcoin Cash, fell from 4 to 13%.
While Bitcoin ended the day with a 4% decline in its value, Ether, Ethereum's native cryptocurrency, collapsed by 13% against the US dollar, becoming one of the worst cryptocurrencies alongside NEO.
Tokens recorded the most pronounced fall in value on August 11, as many Ethereum-based tokens such as Theta Token, Aion, Pundi X, Aelf, DigixDAO, WanChain and VeChain fell 14- 18 percent.
Bitcoin interrupts 50% of dominance [19659006] For the first time in 2018, Bitcoin, the most dominant cryptocurrency in the global market, has obtained 50% of the market share, securing its maximum since the beginning of the year (YTD) on the dominance index.
The sudden increase in the B encoin dominance index that coincided with the peak in Tether's volume showed that investors became reluctant to undertake high-risk and high-yield exchanges, mainly due to lack of confidence in the short-term market trend.
In recent weeks, tokens have lost more than 50 percent of their value compared to Bitcoin, which has fallen by more than 20 percent since the end of July. For example, EOS, nicknamed "Ethereum Killer", has lost 50% of its market valuation in the last 30 days, due to instability and market volatility.
In recent months, the volume of BTC and the rest of the crypto market have fallen substantially. At the end of July, when BTC started a promising race at the higher end of $ 8,000, its volume approached $ 6 billion.
As of August 11, the volume of BTC remains below $ 4.4 billion while the volume of Tether (USDT), a stablecoin whose value is hedged by that of the US dollar, has risen to $ 2.8 billion, over $ 1.2 billion more than the volume of Ethereum.
Starting in July, traders have discovered that the price trend of small cap token prices generally follows the price trend of XRP and EOS. In the last 24 hours, Ripple and EOS have lost 11% of their value against the US dollar.
Where is the market going Next?
Because of the too strong bearish trend of the major cryptocurrencies, for the cryptocurrency market to engage in a large medium-term run, the market would need to hit bottom at a lower price range.
Yesterday, on August 10, CCN reported that analysts see BTC testing an important support level at around $ 5,800. [19659004] "If the short-term BTC price movement will take place in the same fashion as February, April and May, BTC will likely fall below $ 6,000 in the next few days, probably touching $ 5,700 to $ 5,800, as suggested by many analysts, "CCN reported
However, failing to secure a strong boost in the region higher than $ 5,000 could lead BTC to test $ 5,500, which could lead to a further decline for the cryptocurrency market.
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