The combined market cap of all digital currencies and tokens has today fallen to a new yearly low of $186 billion on trading volumes of $12 billion for the past 24 hours.
It currently remains at $188 billion at the time of writing, less than it was in November, with about $650 billion so wiped out during the past nine months.
Red greets most cryptos today with the vast majority down by some 10%. Except for bitcoin, which hasn’t really moved much at all recently, as if standing by watching the primarily eth show.
Bitcoin’s market share has now risen to 57.7%, the highest level since December. Ethereum’s market share, in contrast, is down to 9.40%, far lower than its all time high of 32% during June last year.
It appears thus rather than bitcoin gaining market share, eth is losing as bitcoin’s price has remained near the yearly bottom of $6,000, while eth’s price has gone beyond the floor down to the middle of earth somewhere at $170.
As have most of the other coins which have now lost 90%, 95%, or for some even 99.9% as the most brutal bear market still continues.
The top cryptos board now looks very lean indeed. It is close to being just two cryptos with a market cap above $10 billion, and not far off from Tron being below $1 billion.
Tether seems headed to the moon of crypto rankings as all else crash to the ground and beyond. We have been watching it all day today, but it did not give us the headline of “Tether Overtakes Litecoin in Market Cap.”
It was so close, at one point just a million or two stood between them, but for today Litecoin has held some dignity as spartans there keep Tether at bay, for now at least.
With that sentence by itself telling you all you need to know about the great crash of 2018. We heard someone say that if you go beyond the ground, down to the centre of earth, then come the other way, depending on the time of day or night, you might land on the moon.
Can’t explain that, just as we can’t explain any of this, but at some point presumably their fall becomes so big that it all starts sounding a bit comical.
So enjoy it while it lasts. The bear party too will presumably at some point come to an end, their music too will eventually stop and change tune because even at zero, 1 eth is still precisely 1 eth. It doesn’t go anywhere, it doesn’t change in any way at $1 or at $10,000. It remains exactly 1 eth.