Over the past 24 hours, the cryptocurrency market has recorded a loss of $18 billion, as major cryptocurrencies, including Bitcoin, Ethereum, EOS and Bitcoin Cash, have lost 4-13 percent.

While bitcoin ended the day with a 4 percent decline in its value, Ethereum lost 13 percent against the US dollar, becoming one of the worst positions on the market, along with NEO.

The tokens recorded their steepest drop in value on August 11, as most tokens based on Ethereum, such as, Aion, Pundi x, Aelf, DigixDAO, WanChain and VeChain recorded an approximately 14-18 percent drop.

Bitcoin Exceeds 50% Dominance

For the first time in 2018, Bitcoin has become the dominant cryptocurrency in the world market, receiving a 50 percent market share, providing a high level of annual income on the dominance index.

The unexpected increase in Bitcoin’s dominance index, which coincided with Tether growth, showed that investors had become reluctant to deals with high risk and high returns, mainly due to a lack of confidence in the short-term market trend.

Over the past few weeks, tokens have lost more than 50 percent of their value against Bitcoin. For example, the EOS, called “Ethereum Killer”, has fallen by 50 percent of the market valuation in the last 30 days due to market volatility.

In recent months, the volume of BTC and the rest of the crypto-market has decreased significantly. At the end of July, when BTC held a promising race to a higher level of $ 8,000, its volume rose by $ 6 billion.

As of August 11, the volume of BTC fell below $4.4 billion, while the volume of Tether (USDT), the value of which is hedged to the level of the US dollar, rose to $ 2.8 billion, which is $ 1.2 billion more than the volume of Ethereum.

Since July, traders have found out that the price trend of small tokens usually corresponds to the price trend of XRP and EOS. Over the past 24 hours, Ripple and EOS have reduced 11 percent of their value against the US dollar.

Where Does the Market go?

Yesterday, many analysts suggested that Bitcoin is testing a significant level of support at around $5800.

The inability of the market to provide a strong momentum in the near future could result in BTC testing at $5500, which may lead to a further fall of the cryptocurrency market.