Alternative cryptocurrencies continue to fall while Bitcoin breaks another record of market dominance in 2018

Tuesday, September 11: The crypto markets have seen another decline today, with most of the top 20 currencies by market capitalization in red, according to data from CoinMarketCap. Most altcoins are recording losses, reaching around 5-6 percent among the 20 main currencies.

Market display by Coin360

Bitcoin (BTC) is slightly lower today and is currently trading at $ 6238, which is around a loss of 0.3 percent in the last 24 hours.

Bitcoin weekly price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) is also seeing significant losses today, with its price falling below $ 190. The main alternative cryptocurrency is now trading at around $ 181, approximately 4 percent in a 24-hour period.

Ethereum weekly price chart. Source: Cointelegraph Ethereum Price Index

The total capitalization of the market has been reduced to $ 191 billion, which is the lowest point since the beginning of November 2017, according to CoinMarketCap. At the time of publication, the losses of the crypto-market in the last 7 days constituted around 20 percent, below the $ 239 billion of September 4.

Graph of total weekly market capitalization. Source: CoinMarketCap

In another wave of red, Bitcoin still continues to gain momentum in terms of market share, demonstrating significant growth in its dominance over the altcoins. The Bitcoin domain percentage has now reached 56.9 percent for the first time since December 16, 2017, which is the day before Bitcoin reached its historic high of $ 20,000.

Weekly percentage of total market capitalization (dominance). Source: CoinMarketCap

In terms of the largest losses among the 20 main cryptocurrencies during the day, Bitcoin Cash (BCH) and VeChain (VET) have suffered more, seeing more than 5 percent decrease in a 24-hour period. BCH has dropped 5.4 percent, trading at around $ 445, while VeChain has fallen around 6.2 percent, and is trading at around $ 0.01 by the close of this edition.

Ripple (XRP), the third highest cryptocurrency by market capitalization, has dropped 2.4 percent in the last 24 hours, and is trading at around $ 0.25 at the time of publication.

While most of the altcoins are seeing another downward trend, the controversial Tezos (XTZ) rose almost 12 percent. The altcoin is trading at approximately $ 1.34 at the close of this edition, even more than 7 percent in the last 7 days, after the recent massive sale in the market.

Today, the founder of the exchange services operator OKCoin and the second largest cryptocurrency exchange OKEx, Star Xu, have been detained in China due to allegations of their participation in an alleged cryptocurrency fraud.

Yesterday, the Chinese social media giant WeChat would have banned the official sales channels of the Bitmain mining company, as well as other crypto-monetary channels of "bombo news".