Many altcoins have posted significant losses in recent days, with ETH currently testing price levels not seen in over 12 months after losing 40% in roughly one week. The declining value of altcoins has also driven BTC to continue to establish new highs for market dominance during 2018.
BTC Gains Dominance
The heavy losses sustained by many leading altcoin markets have led BTC to continue to further its market dominance over other cryptocurrencies. As of this writing, BTC has a market dominance of 57.6% and is trading for roughly $6,300 USD.
Despite stable price action over recent days, BTC has shed approximately 16% in the last 8 days. BTC currently has a market capitalization of nearly $109 billion.
The number of BTC short positions is testing the all-time high level of roughly 38,000 for the second time in roughly one month.
BCH Hits New Low for 2018
Bitcoin Cash has experienced a bearish week or so of price action, losing approximately 30% in the last 8 days when measuring against the dollar. With prices currently hovering at the $420 area, BCH has established a new low for 2018 and is currently testing price areas not witnessed since late October 2017
When measuring against BTC, BCH is trading for approximately, 0.067 BTC – a key support area dating back to the market’s inception a year ago.
BCH is currently the 4th ranked cryptocurrency market by capitalization with roughly $7.35 billion.
