Cryptocurrencies are full of surprises. This week cryptocurrency volume is at the important neckline of 212 Billion-218 Billion, a break to the upward could signal some increasing movement forming a lower high on the daily or weekly. The fluctuation in cryptocurrency prices comes as a reminder to enthusiasts just how volatile and high risk this crypto world is, and that people should always check all the parameters carefully before diving into this world.
It’s been a fluctuating week for most cryptocurrencies, most notably for digital currencies like Bitcoin, Ethereum and Ripple. This week (August 11–18, 2018) cryptocurrency market capitalization has a slightly fluctuating trend with a commendable rate and as of writing this article equaled $218.49 billion (see below figure). On August 11, the total market cap was $214.87 billion. It was drastically decreased by 19.6 billion and on August 14, it was $195.27 billion. According to Coinlib, the total market cap on Aug 18 is $218.49 billion.
Dominance of Bitcoin, ETH and XRP
Now the dominance of the trendsetter cryptocurrency Bitcoin (BTC) as of writing has been increased to 52% from 49%. On Aug 14, its dominance was increased to 55% from 49% but on Aug 17 it went down to 49%. It again went up by 3% and as of writing this article it is at 52%. Of the top 100 currencies Ethereum was hit the hardest. Ethereum (ETH) dominance was decreased to 13% on Aug 17. ETH dominance is showing fluctuating behavior and as of writing this article it is again at 15%. Ripple (XRP) was at 6% on Aug 11 and as of writing this article it is at 7%. Ripple was at 5% on Aug 17 and within 24 hours it now at 7%. The following figures show us the dominance of these three cryptocurrencies respectively.
Cryptocurrency Total Volume
Now, the total volume of cryptocurrency market is also showing fluctuating behaviour. On Aug 11, it was $12.65 B. It showed tremendous growth and on Aug 14 and Aug 15 the total volume was $16.23 B and 16.49 B respectively. After that within 24 hours it again went down ‘like a house of cards and on Aug 16 the total volume was $13.91B. The following figure is showing us the total volume of cryptocurrency market.
Top 20 cryptocurrencies by market cap
Following image is showing us the top 20 cryptocurrencies by market cap. Bitcoin market cap is 112.22 B(51%), Ethereum market cap is $31.42 B (14%), Ripple(XRP) market cap is 13.48 B( 6%), market cap of others is $19.90B (9%), Bitcoin cash $10.08 B(5%), EOS $4.84 B(2%), Litecoin $3.43B (2%), Stellar $4.29 B (2%), Tether $2.70 B (1%).
Top 20 cryptocurrencies by 24h volume
Following image is showing us the top 20 cryptocurrencies by volume. Bitcoin’s volume is 9.79 B(51%), Ethereum volume is $2.55 B (13%), Ripple(XRP) volume is 556.97 M( 3%), volume of others is $19.90B (9%), Bitcoin cash $1.69 B(9%), EOS $1.12 B(6%), Litecoin $324.17 B (2%), Stellar $88.03 M (0%), Tether $66.30 M (0%).
According to this analysis, prices could fall even further or crypto market can also recover from any circumstances. As always it seems that the route Bitcoin takes will define the direction of the entire market. If you closely observe the cryptocurrency market then there are lots of speculations over the past 6 months that the cryptocurrency tether really is not supported by anything or if it is supported by anything it is partially reserved rather than 100% supported by the US dollar. These speculations are because of number of worrying events about tether throughout 2017 and also the highly correlated growth between tether issuance and bitcoin price raises several questions like Is bitcoin growth driving tether? Over the past 6 months, we’ve seen bitcoin’s “dominance”, or bitcoin’s market capitalization as a proportion of the total crypto market’s capitalization, is slowly and steadily driving the entire market.
Last week was a rocky week for most cryptocurrencies, most notably for cryptocurrencies like Bitcoin, Ethereum and Ripple. The cryptocurrency market capitalization was showing a slightly fluctuating trend with a commendable rate just like this week. If you missed the previous report, please read here.
The cryptocurrency market is full of surprises and overhyped assets. Do your research before buying anything.