The crypto market has entered a strong correction that resulted in a loss of $ 34 billion. While Bitcoin (BTC) dropped below the $ 23,000 level, it still continues to expand its dominance in the market.
BTC is trading at $ 22,982 with a market cap of $ 428 billion and a massive 69% market dominance. The reason behind the rising BTC dominance is that there has been an even deeper correction in the altcoin space. The XRP price drop over the past 48 hours has pulled other altcoins down drastically. Almost all of the top 10 altcoins are currently in value by 5-20%.
The Decline Of XRP Affected Altcoins
XRP is trading at $ 0.27 with a market cap of $ 12 billion and a decrease of 32%. With the last correction, XRP lost its third position to Tether (USDT). The latest price correction came when the SEC sued Ripple for selling unregistered XRP securities. Interestingly, the XRP’s latest price correction is very similar to its performance before crypto started its mega rally in December 2017.
However, the case with XRP this time around is the case with the top regulator in the US. Uncertainty regarding the status of XRPs is one of the main reasons behind the declining investor interest in cryptocurrency. Interestingly enough, just after the SEC sued Ripple, President Jay Clayton submitted his resignation. Ripple CEO Brad Garlinghouse claimed that Clayton was a feud with the blockchain startup.
The recent market correction pushed all of the top ten altcoins in negative territory, excluding Litecoin (LTC). The LTC price fell 6.35% at the time of writing, but still remains strongly above the $ 100 levels. On the weekly charts, the LTC price gained 13.27%, meaning even higher returns than Bitcoin. Also, Ethereum (ETH) lost its substantial support of $ 600, correcting almost 6%. Currently, ETH is trading at $ 582 with a market value of $ 65 billion.