The market downturn picked up speed on Tuesday, as the total cryptocurrency market cap plunged to its lowest point since May. There has since been a slight recovery, although all of the major coins still post 24-hour losses.
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source coolclips.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 we have not seen since late May. At present, the market cap is $84 billion.
Ethereum Market Cap Dips Below $20 Billion
Yet again, ethereum’s decline outpaced bitcoin. The ethereum price dropped below $200 on Tuesday on GDAX, the ethereum price fell as low as $175, its lowest price in more than a month. It has since recovered to $212 but this nevertheless represents a 7% 24-hour decline. For the week ethereum is down about 27%. At $19.7 billion, ethereum’s current market cap is just over half the size of bitcoin’s.
Downturn Pummels Ripple
As one would expect, altcoin prices fell across the board. However, Ripple was the only top-5 coin to post double-digit 24-hour losses, declining 13% for the day. The Ripple price sunk as low as $0.168 before rebounding to its present value of $0.194. Like ethereum, Ripple is down about 27% for the week.