Last year, Bitcoin's market share peaked at around 86%, but at the beginning of 2018, this was down to around 36%. During the last seven days, has traded flat against the dollar.
BTC price is under a lot of pressure below $7,000 and it is testing the last important support before $6,000. It dropped below $6,000 at the end of June - its lowest value all year.
The ups and downs in the prospects of a Bitcoin ETF have rocked cryptocurrencies.
In an interview with Block in Press from South Korea, Michael Arrington, founder of TechCrunch and the Partner Arrington XRP Capital, stated that XRP (XRP) outperforms Bitcoin (BTC) and Ethereum (ETH) regarding transactions. Most altcoins have also posted significant price dips today as well.
Tether is next with a market cap of Dollars 2.45 billion and a price of USD 1.01 for one coin. Until now, payments could be made in Bitcoin, Bitcoin Cash and Ethereum, giving Coins 5 million customers access to some FIAT-alternative payment methods.
The downward slide has continued today with more selloffs in the market.
The drop in the price of Bitcoin came as a result of the SEC decision. One X2 coin can now be bought for about $0.0002 or 0.00000003 BTC on popular exchanges. This Wednesday, BCH has an overall market capitalization of around $10.5B and 24-hour trade volume is about $443M. NY time, trading at just under $6,500, according to data from CoinDesk.
VeChain (VET) traded 3.3% lower against the dollar and now trades at $0.0129 or 0.00000192 BTC. Now the 100MA and 200MA gap is much smaller on the BCH/USD 4-hour chart and it looks like the two may cross hairs soon. On the downside, a break below $0.3198 may well clear the path for more losses towards the $0.3000 and $0.2800 support levels. RSI levels also show oversold conditions as the oscillator hovers around 21.4 at press time. Looking ahead at order books, BCH bulls need to surpass mega-resistance from now until $640 and after that, it may be easier to move northbound. If bears get their way, the fall to sub-$600 regions will hold decently between $590 through $530 for some time.
Ripple is perhaps the biggest loser amongst the top 5 cryptocurrencies over the past 24 hours, after it lost more than 14% of its value over the past 24 hours.