Bitcoin managed to escape much of the downward drift that has afflicted most cryptocurrencies today. In the most recent 24-hour period, bitcoin’s price fell 2.82 percentage points to $2,367, according to coinmarketcap.com.
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Source: Coinmarketcap.com
Only 10th ranked BitConnect, with $387.854 in market capitalization, fared better than bitcoin in the 24-hour period, only dropping 0.57 points.
Ethereum, by contrast, lost 10.2 points and continues its downward trend. Ripple, the number three cryptocurrency, lost 14.3 points.
Bitcoin Extends Market Dominance
Bitcoin, with a market cap of $38.829 billion, extended its lead over second place Ethereum at $18.714 billion. Bitcoin has extended its lead since June 16, when Ethereum commanded 31.93% of the total crypto market and bitcoin had 38.44%. On July 10, bitcoin extended its dominance to 45.56% compared to Ethereum’s 23.6%, according to coinmarketcap.com.
On Monday, the total cryptocurrency market cap fell below $90 billion for the first time in July. This market cap evaporation continued on Tuesday, as the total value of all cryptocurrencies plunged as low as $77 billion, a number not seen since late May. At present, the market cap is $84 billion.
Smaller Cap Cryptos Lose Big
Most smaller cap cryptocurrencies crashed today following the U.S. trading session, and Ethereum breached a prior correction low, spiking below $200, triggering a string of stop orders. Bitcoin is still roughly following the projection for a correction, and until the base support near $2,000 holds, a bull market remains intact in bitcoin.