Bitcoin and Ethereum Fall Substantially in $18 Billion Crypto Market Wipeout

Bitcoin Breaks 50% Dominance
For the first time in 2018, Bitcoin, the most dominant cryptocurrency in the global market, has obtained 50 percent of the market share, securing its year-to-date (YTD) high on the dominance index.

The sudden increase in the dominance index of Bitcoin which coincided with the spike in the volume of Tether have demonstrated that investors have become reluctant towards taking high-risk and high-return trades, mostly due to the lack of confidence in the short-term trend of the market.

Over the past few weeks, tokens have lost over 50 percent of their value against Bitcoin, which has also fallen by more than 20 percent since late July. For instance, EOS, dubbed the “Ethereum Killer,” has dropped 50 percent of its market valuation in the past 30 days, due to the instability and volatility in the market.

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