Bitcoin

Bitcoin dominance at 9-month high amid broad ‘altcoin’ slump


The selloff in altcoins, coins alternative to bitcoin, shows no signs of moderating Wednesday, with all major altcoins on track to register three consecutive losing sessions to begin the week.

The demise in small-cap coins has pushed bitcoin’s share of all digital currencies to a nine-month high of 58.1%, up from 37.9% to begin 2018, according to data from CoinMarketCap.

In Wednesday trading, bitcoin












BTCUSD, +0.17%










 was last changing hands at $6,221.20, down 0.5% since Tuesday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange.

CoinMarketCap


Cryptocurrency market cap share

Ether, the largest altcoins, continues to flounder, trading to a fresh 14-month low Wednesday of $167.16, as most industry pundits continue to hypothesize what’s behind the demise of the popular digital currency. “Much to the chagrin of many crypto-enthusiasts, the bear market has continued over the last few days, with ethereum seemingly leading the charge,” wrote Mati Greenspan, senior market analyst at eToro.

“The general direction of the market is pretty clear, but it remains a mystery is why ethereum is losing ground faster than most other major crypto assets.” Greenspan added the comments from ethereum co-founder Vitalik Buterin Sunday didn’t help the plight of the second largest digital currency.


‘The blockchain space is getting to the point where there’s a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore’


Vitalik Buterin, co-founder of the Ethereum


Read: Traders are making record bets for digital currency Ether to fall

Ether












ETHUSD, -5.31%










 was last at $171.43, down 5.7%. The story is much the same for holders of other altcoins. Bitcoin Cash












BCHUSD, -3.40%










was down 3.9% to $417.90, Litecoin












LTCUSD, -4.07%










was down 6% at $47.81 and Ripple’s XRP coin












XRPUSD, +1.56%










was at 26 cents, down 0.8%.

Read: Are cash-strapped ICOs behind Ether’s underperformance?

Bitcoin futures are mostly unchanged on Wednesday. The Cboe Global Markets Group Inc.’s September contract












XBTU8, +0.40%










is down 0.1% at $6,220, while the comparable CME Group Inc. September contract












BTCU8, +0.32%










is up 0.1% at $6,235.

Read: Bitcoin is flirting with a new low for the year after the SEC stopped trading on 2 funds

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