Bitcoin, ethereum, ripple, bitcoin cash, cardamom, litecoin and other major cryptocurrencies with the exception of monero have experienced a declined in value, as the cryptocurrency market fell by yet another $22 billion after seeing a drop on 6th March.
While bitcoin has fallen by 2.5% , other alternative cryptocurrencies such as ethereum and cardano have fallen by more than 5%. In fact, over the past two weeks, bitcoin has continued to outperform most major cryptocurrencies in the market.
The dominance index of bitcoin has reached a new yearly high— from Januaryto March–at 42%, which dropped to 31% in December 2017.
From its all–time high, bitcoin is down 43%. Meanwhile ethereum is down 43.6% from its all-time high at $1,400. Until February, ETH has followed the price trend of bitcoin. As bitcoin crossed the $8,000 mark, ethereum surpassed $800 and as bitcoin surpassed $9,000, ethereum peaked at $900. But, over the past two weeks, ethereum has struggled to sustain its momentum.
In this recover period, it is more likely that bitcoin will outperform alternative cryptocurrencies move to bitcoin and newcomers invest in bitcoin first, before moving to other assets.
Article: CNN
Picture credit:cointelegraph