In the latest Ethereum news, the price of the second largest cryptocurrency by its market cap has (again) dropped, this time to $173, marking a 10% decrease in less than 24 hours. The rest of the market is also in the red, but Ethereum is one of the biggest losers out there today.
The recent fallout in altcoin prices, specifically ETH, has boosted Bitcoin’s dominance of the crypto market, that is now commanding a new 60% market share. As of today, Bitcoin is officially closer to reaching 60% market dominance. On the other hand, Ethereum’s market dominance is 12.62%, according to new data from CoinMarketCap.
Bitcoin’s price woes over the past month haven’t been enough to compromise its market dominance – mostly because of ETH’s recent struggles which remain fiercer. None of the other altcoins plays a huge role in the Bitcoin/Ethereum rivalry for crypto market dominance – which is again rivalry that has consistently favored Bitcoin.
With a price of $1,377 in January 2018, a few months later Ethereum is one of the biggest losers for the year, dropping more than 80% and currently trading at less than 15% of its all-time high price.
According to our analysts here at DC Forecasts, the recent Ethereum fallout is largely attributed to a decline in ICO activity that boosted the Ethereum price since early last year. At this point, it is likely that the fallout will continue for the foreseeable future.
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