TRX leads the market, $100 billion crossed out of the total cryptocurrency market capitalization
Date: 2023-08-18 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
All major cryptocurrencies have dropped dramatically in value after a massive sell-off yesterday, August 17.
The global market capitalization of the crypto industry fell 8% to $1.06 trillion, wiping out more than $100 billion.
The trading session affected the performance of prominent cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Tron (TRX), Ripple (XRP) and Binance Coin (BNB). Bitcoin was hit hard, falling from over $29,000 to $25,300 in the U.S. after-hours. By the time of publication, BTC had recovered slightly, stabilizing at $26,450. However, it was down 7.45% from the previous 24 hours and down 11.98% overall over the past month.
The price drop was most severe on Coinbase, as the price never exceeded $26,000 on rival exchange Binance. The chart below shows the lows of BTCUSD trading pairs on Binance (orange) and Coinbase (blue).
BTC coinbase binance
Despite the sharp drop, Bitcoin still maintains a significant market dominance of 48.4%.
The chart below is indexed to 100 since Monday, August 14 to illustrate the relative percentage change across the leading cryptocurrencies.
Market capitalization of cryptocurrencies
Ethereum (ETH), the second ranked digital asset by market capitalization, has not been exempt from market turbulence. ETH is trading around $1,690, down 6.02% over the past 24 hours and down 11.35% over the past month. Meanwhile, BNB Chain (BNB) has also experienced a downturn, trading at $218,702, showing a 5.46% decline in the last 24 hours and a 10.07% drop in the last month.
However, Tron (TRX) has shown a relatively steady performance, down just 2.41% in the last 24 hours and 9.99% in the last month, reaching a trading price of $0.072.
Daily transaction value on Tron rose to TRX 1.442 billion from TRX 1.033 billion, up about 39%, on Aug. 17. In comparison, on Ethereum, the average transaction value increased to $3,374 from $1,577, a roughly 113.8% increase.
Given the relative performance of the two assets, the on-chain data highlights the difference in network activity that has led to the increased sell-off on Ethereum.
Ripple (XRP) has seen the steepest decline among the top five, with its price falling 13.65% in the last 24 hours alone and a total decline of 38.09% in the last 30 days to $0.508.
Symbol Price 24 hours 7 days 30 days
BTD $26,447.20 -7.45% -10.01% -11.98%
ETH $1,689.13 -6.02% -8.55% -11.35%
TRX $0.07282 -2.41% -5.63% -9.99%
XRP $0.50830 -13.65% -19.76% -38.09%
BNB $218.702 -5.46% -8.99% -10.07%
At the time of publication, TRON is #10 in market capitalization and the price of TRX is down 2.78% in the last 24 hours. TRX has a market capitalization of $6.51 billion and a trading volume of $301.16 million in 24 hours. Read More '
TRX leads the market, $100 billion crossed out of the total cryptocurrency market capitalization as ETH transaction value soared over 100%
