Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Last week, the overall cryptocurrency market lost early $50 billion valuations with Bitcoin alone losing $25 billion and altcoins contributing the rest. On Sunday, July 14, Bitcoin price slipped below $10,000 levels but recovered back now trading at $10,320.
After three months of a massive bull run since April 2019, Bitcoin investors have been resting in the first two weeks of July. Bitcoin (BTC) started the last week on a good note surging to $13,000 price levels in the first three days. However, the pullback was quite immediate and since then it has been moving downwards.
On Sunday, July 14, Bitcoin price slipped below $10,000 levels but recovered back quickly that day. At the press time, Bitcoin is trading 7.5% down at $10,320 with a market cap of $183 billion. In the last week, Bitcoin lost nearly $25 billion valuations. During the same time, the overall cryptocurrency market lost $49 billion slipping from $328 billion to now at $279 billion.
It means that the correction has swept the overall cryptocurrency market and not Bitcoin alone. Rather Bitcoin’s dominance in the crypto market has grown over the last week. At present Bitcoin dominates over 65% of the overall crypto market.
Overall Crypto Market Correction
As stated, the overall cryptocurrency market has taken a blow in the last week. While Bitcoin contributed nearly 50% of the market crash, altcoins contributed the remaining 50%. Let us look at some of the majorly hit altcoins in the last week.
The second most-valued cryptocurrency Ethereum had almost 30% price crash dropping from $309 levels to making a weekly low of $219. The cryptocurrency lost over $10 billion valuations in the last week. At the press time, Ethereum (ETH) is trading at $225 with a market cap of $24.1 billion.
XRP lived up to its image of being the worst performing top-ten cryptocurrencies of 2019. XRP lost over 25% slipping all the way from $0.39 levels to now at $0.31. However, it still continues to be the third most-valued cryptocurrency in the market. XRP lost $3.3 billion over the last week. At the press time, XRP’s market cap is at $13.3 billion.
Litecoin (LTC) which has been a good performer was beaten black-and-blue. In the last week, Litecoin (LTC) price crashed from $118 levels to now at below $90. It has lost $2 billion valuations over last week. At the press time, Litecoins is trading at $88.31 with a market cap of $5.5 billion. The good announcement is Litecoin (LTC) became the official cryptocurrency of American Football team Miami Dolphins.
Bitcoin vs Altcoins Debate
The latest movement in the crypto market has again started a verbal war between Bitcoin and altcoin supporters. In December 2017, with the Bitcoin retracement after hitting its all-time high of $20,000, the altcoin market took the charge and rallied the crypto market further.
Some crypto market analysts predicted similar price movements this time when Bitcoin started it retracement in early July.
Obviously won't be as nuanced in case of a more violent move, but the moral of the story is the same:$BTC playing out a broader retrace after the blow off = alts will reach good HTF deadcat resistances at the very least$BTC beginning next leg up = no need to really say
— justfive (@crymeaCOIN) July 7, 2019
Many altcoins benefited from the last bull run in $BTC
Cryptomaniancs expect alts to do so again – they may be very disappointed
2000 .com bubble is analog
Following 2001-02 tech collapse, dotcoms with real value exploded
The "alt" .coms went bankrupt
— Peter Brandt (@PeterLBrandt) June 27, 2019
Many believe that the altcoins season will start soon while experts say that this time, the Bitcoin rally will completely crush altcoins.
— Ripple Press (@RipplePress) July 1, 2019