According to research data, in January 2018, the global cryptocurrency market reached a peak value of 814 billion US dollars. Today, the entire market is worth less than $200 billion. Among them, Bitcoin, the world's largest cryptocurrency, has fallen nearly 70% since it reached a high of around US$20,000 in December 2017. The world's second largest cryptocurrency, the Ethereum, has also fallen by about 60% since February 2018.
Because of the price collapse of cryptocurrencies, mining machines have become less of a concern. At present, the Bitmain S9 type of mining machine, one of the mainstream mining machines of the mining machine, has fallen from a price of US$6,499 at the end of 2017 to a low of US$649 around June 2018. Lost 90% of the price.
In fact, it is worth noting that since the beginning of February 2018, the overall trend of cryptocurrency has been accelerating the collapse of all cryptocurrencies under the leadership of a strong dollar. The holder of cryptocurrency has begun to sell a large amount of cryptocurrency, which has become an unstoppable situation. According to data from the cryptocurrency research site
CoinMarketCap, the full sell-off of cryptocurrencies has led to the value of the entire market, which has fallen below $200 billion for the first time. On August 14, the total value of the global cryptocurrency market was only $191 billion, the lowest level since November 2018.
In addition, based on the value of the cryptocurrency on August 14th, the top 15 cryptocurrencies experienced a sharp decline on the day. Moreover, the decline is generally between 10% and 20%. Among them, Ripple (XRP), Litecoin (LTC), EOS and Ida (ADA) fell the most. Also, due to the shrinking market value of the cryptocurrency market, Bitcoin's dominant position in cryptocurrency has become more prominent. At present, the market value of Bitcoin has exceeded 50% of the total market value of cryptocurrency.
Resources : FinanceTechnews