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Bitcoin keeps on falling taking down altcoins

Margareth Nail

Over the past week, the leading cryptocurrency continued to lose value and fell below the level of 8,000 dollars. On Sunday, the trades closed at $7,368.22 per BTC. Read about the fall of Bitcoin and other cryptocurrencies in the review of Bitnewstoday.

The decrease in the cost of Bitcoin has affected both the value of the remaining large cryptocurrencies automatically, and naturally, the overall market capitalization. The total cost of all crypto coins decreased by 17% and amounted to about 324 billion dollars.

Pic. 1 The dynamic of cryptocurrencies capitalization
Source: Coinmarketcap

Altcoin capitalization decreased by more than 19% and by the end of the week amounted to $198.7 billion.

Pic. 2 The dynamic of altcoins capitalization
Source: Coinmarketcap

The value of all BTC coins traded on the exchanges decreased by almost 14%, and at the close of trading on May 27, the capitalization of Bitcoin amounted to $125.575 billion. The most unfortunate day for BTC was Sunday as its cost fell to 7270.96 dollars.

Despite the drop in value and the capitalization reduction, Bitcoin was able to increase its market share last week: from 37.17% to 38.6%. It suggests that altcoins have lost more in price than Bitcoin.

Ethereum has fallen in price the last week by more than 20% – from 717.19 dollars to 572.67%. Capitalization of the main altcoin was reduced by 18% and by the time of the close of trading on May 27 was $58.7 billion. The share of ETH in the market decreased from 18.29% to 17.45%.

Ripple depreciated by 13%, while its capitalization also fell by 13%. The share of XRP in the total value of all cryptocurrencies increased from 7.02% to 7.33%.

Bitcoin Cash lost more than a third of the price, and by the time of the close of trading on May 27, its value fell below $1,000. Against this background, capitalization of BCH declined by 22%. The share of coins in the market also decreased from 5.64% to 5.24%.

EOS lost more than 1.5 dollars in price; at the close of trading on May 27 it cost only 12.51 dollars. The decrease in value resulted in an 11% decrease in capitalization.

Experts believe that in the coming week the value of cryptocurrency will continue to fall. However, the market hopes to win the positions back and is looking forward to positive news.

Image: Shutterstock

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