Amidst a tumbling market for altcoins, Ethereum Classic (ETC) appears to be worst hit, losing 50 percent of its value in only seven days.
On August 7, following news of listings on Coinbase and Robinhood, Ethereum Classic hit one of its highest recent peaks of $20.08 and recorded a market cap of just over $2 billion. Today, however, only a week later, the price has plummeted to almost $10 with a market cap struggling to stay above $1 billion.
While ETC seems the hardest hit in a seven day period, the recent market downturn has heavily affected almost every cryptocurrency across the board. Ethereum (ETH) is also down almost 50 percent from just less than a month ago when it was trading over $500 on July 18. Bitcoin Cash (BCH), Ripple (XRP) and Litecoin are all suffering similar fates, each down almost 50 percent in the same time period.
The only asset slightly surviving in the crypto massacre is Bitcoin, down only 25 percent over the past month. This would indicate investors are selling altcoins and moving their capital into Bitcoin, possibly in anticipation of approval by the U.S. Securities and Exchange Commission (SEC) of one of the upcoming Bitcoin exchange-traded funds (ETFs).
It’s more likely, however, that Bitcoin is simply held in greater quantities by long-term investors who have no intentions of selling even in the face of an increasingly bearish market. Despite hundreds of predictions of its imminent demise over the past decade, BTC never fails to maintain dominance during the worst of market tumbles.
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