Undoubtedly, Bitcoin is ruling over the entire crypto space and has continued to do so since the start of April. Nonetheless, its surge in market dominance has come at the expense of most of the other high cap digital assets that include Ethereum. These tokens have faced the wrath of bearish traders who are battering them mercilessly.
A 30-Month Low
The second-biggest digital asset by market capitalization has been ailing recently with regards to its price. ETH has lost a further 7.5% in the past 24 hours after a week of losses. These losses came in hard after a short spike towards $240. The token has dropped below $210 after trading at support over $225 a day earlier.
The analysis shows a trend moving down towards the dangerous psychological $200 cliff edge. Currently, Ethereum is the worst hit altcoin in the top 20 besides EOS that is also undergoing a steep correction. ETH has lost 40% in value to the current levels compared to its height above $350 which it registered in mid-June. On the other hand, bitcoin has lost just 15% from its 2019 high.
That disparity is the reason why Ethereum has receded its market share to a 30-month low of 7.63% as reported by Tradingview charts. Moreover, Coinmarketcap.com charts reveal that ETH market share has never been this low since February 2017. Those levels were before the formidable altcoin run that started in the summer of 2017 and the ICO boom that followed thereafter.
The closest these top two performers have been was in June 2017 when bitcoin share dropped below 40% while that of Ethereum rose above 33%. Nonetheless, the ETH prices slump and market share have enabled bitcoin to surge to a two-year high in terms of dominance. It has reached highs of 71% today.
Currently, Bitcoin is dominating more of the cryptocurrency market than it did in December 2017 when it registered its all-time high of almost $20,000. On top of the price and market share drop in Ethereum, its volume is also at its lowest point in four months as reported by Skew Markets data.
Currently, the ETH volume is hovering at $7 billion. Its highest this 2019 was over $18 billion in mid-May when the first altcoin rally came about in more than a year. The Ethereum market cap is also plunging hard returning to the $20 billion levels where it was in early May. None of these reports are good for Ethereum holders.
But, as it is evident from the past, the second-biggest cryptocurrency always leads in the rebounds whenever the altcoin markets finally pick up.