Cryptocurrency markets have suffered a stark plunge within an hour, with Bitcoin (BTC) falling below the $6,300 threshold level, and the second largest altcoin by market cap, Ethereum (ETH) nearly nudging the significant level of $200.
As per the data feed on CoinMarketCap, nearly all the top 100 cryptocurrencies by market cap have suffered major declines at the time of reporting, with 19 out of the 20 top coins by market capitalization seeing major losses over the past 24 hours. Only Tether is up by 0.10 percent among the top 20, due to its stable coin attributes.
Bitcoin dropped below $6,300 today, after climbing above the $6,600 handle on Oct. 8. Bitcoin, the largest cryptocurrency by market cap has plunged to as low as $6,284 before slightly recovering to $6,287 at press time. Bitcoin is down 4.2 percent over the 24 hour period, with 4.5 percent losses over the past 7 days. However, it is up by 0.10 percent over the last hour, at the time of reporting.
Ethereum has suffered significant losses, down 11.49 percent over the past 24 hours. The second largest cryptocurrency by market cap has suffered a considerable plunge, almost nudging the $200 price point after trading around $225 for a considerable part of the day. However, at press time, it is trading just above $199.
The third largest cryptocurrency by market cap, Ripple (XRP) is observing even worse decline over the 24 hour period, down over 12.82 percent at press time. Ripple is now trading at $0.4, seeing a considerable decline within the same time span as Ethereum. Ripple is down almost 24 percent on the week.
Total market capitalization declined from $214 billion to $201 billion, at the time of reporting. At press time, total market cap amounts to $201.6 billion.
Bitcoin Cash (BCH) and TRON (TRX) are down by 11.87 and 11.72 percent respectively over the past 24 hours, trading at $450 and $0.022, respectively. TRON is down 0.41 percent over the past 7 days, following significant growth on Oct. 7. However, Tron is up by 0.61 percent over the last hour.
The top five gainers are PIVX, Power Ledger, Eternal Token, Qash, TrueUSD which are up by 5.62, 2.65, 2.54, 2.05, 1.32 percent respectively. Also, the top five losers are Noah coin, Theta Token, Siacoin, Cyber Miles, and Nebulas.
With a significant downfall in crypto markets, Bitcoin’s dominance on the market has risen up from the average 51-52 percent over the week to above 53.9 percent at press time.