Bitcoin market dominance reaches 57.5%, its highest point this year

Cryptocurrencies market are showing no signs of recovering from their bear state, the total market capitalization is still below $200 billion. While almost every token, has nosedived towards their lowest of 2018, Bitcoin comes out to be victorious in terms of market cap. BTC observed its highest point this year with market dominance increased to 57.5%.

Total crypto market capitalization is stuck around $195 billion and Altcoins, especially Ethereum are losing value steadily, while Bitcoin is staying buoyed above $6,000. Although bitcoin is performing comparatively better than other tokens, it is constantly facing the brunt of the declining markets. Consolidating just below the key $6,400 resistance level, Bitcoin’s bearish pattern is expected to continue.

Read more: Why Altcoins Prices Are Falling?

The second largest cryptocurrency, Ether observes a total decline of more than 76 percent for the year, according to data from CoinDesk. It has fallen to a  low of $180.60 after kicking off the year above $770. Low ICO funding and general lack of confidence in the markets is making things worse for Ether.

A majority of Altcoins find themselves in red once again. Among the top ten digital currencies, Cardano takes the biggest dive with a 5% loss to $0.072.  ADA became one of the worst performing altcoins with a colossal 94% fall.  Bitcoin Cash and XRP continue their decline with a further 2-3 percent loss while the rest are relatively flat.

In the top twenty, only Tezos is showing any real gains, up 3.7% to $1.26 at the time of writing. While Nem and VeChain both experiences a  5-6 percent dip. Further down, Emercoin has pumped up 55%,  Waves manages to float 21% higher, and Reddcoin has climbed a further 17%. Whereas, Holo and Rchain dropped 7-9 percent.

The 2018 performances of cryptocurrency market is a sharp contrast from last year.