A majority of the digital currency market has once again entered the red zone. Bitcoin’s control over the price action of altcoins is apparent again. The current king of crypto, Bitcoin, has suffered a dip in price. The price of BTC has plunged and taken the price of the majority of the top altcoins down with it.
As of August 15, Ethereum, Litecoin, Bitcoin Cash, XRP and a host of others are trading in the red zone. BTC price has always had the power to either drag down the other altcoins or initiate a crypto bull run. Now the coin’s price has suffered a dip and it is dragging down others with it.
Bitcoin (BTC) Price Today – BTC / USD
Only one token was not affected by BTC’s price action among the top ten largest cryptocurrencies by market capitalization.
Bitcoin Price is Down by 5.8%, Ethereum Price Down by 9.75%
Per the market data, the king of digital currencies is reportedly down by 5.8% according to data given by CoinMarketCap. While the total market capitalization of Bitcoin took a hit and lost at least $16, billion. This hit took it under the $175 billion range. While the number two largest digital asset by market capitalization Ethereum followed BTC’s part. The cryptocurrency is down by over 9.57%. Which a bigger loss in value than that of BTC. While the total market capitalization of ETH stands at $20.15 billion. Similarly, just like ETH, the price of Ripple’s XRP token took a hit following BTC’s price dip.
The price of XRP is also down by 9.75% with a total market capitalization of about $11.422 billion according to data given by CoinMarketCap.
Who are the Biggest Losers?
The rest of the major altcoins took big hits after BTC’s price dip. The data shows that tokens, Bitcoin SV, EOS and Bitcoin Cash, have reportedly taken the biggest price drops. The tokens mentioned above are all down by over 11.67%, 10.12% and 10.38% respectively. The total market capitalization of these coins also dropped. The market capitalization of these coins all stand at $2.344 billion, $3.407 billion and $5.636 billion respectively.
The rest of the top 20 like Litecoin also lost a huge part of its value after recording a 9.17% price lose. The total market capitalization of LTC is now down and currently sits a little over $4.826 billion per CoinMarketCap data.
Binance Coin Took a 6.97% Drop in Price
While another member of the top 20 most valuable tokens by market capitalization, Binance coin was hit. Even the price Stellar also got hit. The price dip for Stellar saw the asset class drop almost 6.97%. While CoinMarketCap lists Binance Coin at about 6.27%. As for the total market capitalization of Binance coin and Stellar sits at over $5.636 billion and over $1.347 billion.
One notable mention among the top digital assets is Tether. Tether has actually been the only crypto that didn’t see any real price decline among the top ten cryptocurrencies by market capitalization. The coin resisted the hold Bitcoin has over the market. The price of Tether dropped only 0.75% while the coin’s total market cap stands at just over $4.022 billion per CoinMarketCap data.