Latest Crypto Bear Market Slump Sees Only 14 Cryptocurrency Tokens Above $1 Billion Market Cap
Only 14 Cryptocurrencies Now Have a $1 Billion Market Evaluation
As the global crypto sector continues to face an ongoing meltdown, there have been numerous altcoins that have seen a massive drop in their value over the course of the past 72 hours. Additionally, there seems to be an ongoing shift taking place wherein more and more traders are now starting to focus on singular markets (so as to cut their long-term losses).
More on the Matter
All through 2018, the altcoin space has seen a lot of price swings which have kept traders on the edge of their seats. One of the best examples of this is XRP taking over Ether’s coveted second spot last night (with XRP’s total market cap now sitting at 19.3 Bln as opposed to ETH’s cap of 18.6 Bln).
If that wasn't enough, it has now come to light that a lot of other crypto coins too have dropped below the $1Bln evaluation mark since the start of this recent bear attack. To be more specific, we can see that, currently, there exist only 14 currencies with a market valuation of over $1bn (this number was 25 just a month back).
Some of the tokens that have lost their $1bn market cap include big name players such as:
- Ethereum Classic
As a result of all this, many market experts now believe that a lot of money will continue to flow back towards Bitcoin and other established currencies, rather than some obscure speculative coins (such as Dogecoin). Binance's BNB, it floating at $48M over the $1Bln due to the rise in all coins today. But just yesterday it was only sitting at $13M above.
Another Interesting Statistic to Consider
In wake of all the aforementioned developments, it is also interesting to note that in its current state, the crypto market is witnessing an ever-widening gap between various altassets— with just 19 cryptocurrencies currently possessing a market cap of over $500m (at press time).
A couple of weeks back, Dogecoin saw a meteoric rise in its value, with the currency scaling above the $750 mln mark only to fall once again to around the $300 mln thresholds (today morning).
Lastly, beyond the top 25 altcoins in the market today, there are hardly any other assets that are even close to touching the $300 mln valuation point within today’s volatile crypto sector.