The cryptocurrency Market is undergoing a severe bear assault wherein the second and the third-largest coins have experienced a rearrangement in ranks. XRP, which used to sit on the third position, has now emerged victorious over Ethreum, which was earlier occupying the second rank, just below Bitcoin [BTC].
At the time of writing, Ether was witnessing a drop of 14.21%, trading at a depreciated price of $177.18, with a Market Cap as low as $18.28 billion. In contrast to this, XRP has seen a lesser drop and was trading at $0.45, with a market cap of $18.48 billion.
It can be observed that Ethereum will need to regain its market cap by at least $2 million to claim back control and its previous rank.
Yesterday, the market behaved in sync and exhibited massive correlation by crashing together one after another as Bitcoin [BTC]’s price plunge occurred. The main reason for this is speculated to be Bitmain, the crypto-mining giant that withdrew its miners from the BTC ecosystem, to participate in the hash war going on due to Bitcoin Cash [BCH] hard fork.
During the market crash, the total loss in the market capitalization was massive, calculated at an approximate $28.96 billion. At the beginning of the day, the total market cap of the cryptocurrency market was $209.78 billion. As all the coins begun to plunge, the market cap crashed to $180.82 billion, according to CoinMarketCap. At press time, the market cap is recorded at $183.96 billion.
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