Decrypt’s Art, Fashion, and Entertainment Hub.
Following yesterday's price crash, the price of bitcoin (BTC) has fallen even further, dropping $200 today to reach its current value of $6,754. Bitcoin's price has been in a downturn since it peaked at $13,000 in July this year, and is trending back towards its previous lows of $3,500.
Over the last month, even though bitcoin's price has been falling, it has increased its market dominance. This is the percentage of bitcoin's market cap compared to the rest of the market. Bitcoin now has a market dominance of 67%—although it is still down from its September high of 70%.
Despite the downturn, crypto analyst Mati Greenspan thinks that it won't matter in the long run. After yesterday's price drop, he tweeted, "Still not sure why everyone is losing their heads over a 3% move to the downside. Bitcoin's volatility is quite well known, especially in the short term things can get pretty bump. Long term outlook has not changed."
In the wider crypto market, the majority of coins are seeing even greater losses. Ethereum (ETH) and XRP are both down by eight percent—with XRP having broken down through $0.20. Binance Coin (BNB) is the worst performer in the top ten coins, down 11% in the last 24 hours, and one BNB is now worth $12.70.
Bucking the trend is Kyber Network (KNC), up 10%, and Horizen (ZEN) which is up seven percent. But if the market continues to bleed, even these coins might struggle to keep up the momentum.