XRP, Litecoin in the green while crypto market struggles
After XRP made a low of $0.24 yesterday, the cryptocurrency rallied to hit its current price of $0.25. Similarly, Litecoin’s price increased somewhat, up to its current price of $57. Despite the recent rally, however, both XRP and Litecoin are down by more than 20% from their mid-September highs.
But the rest of the market isn’t faring well. Over $3 billion was wiped off the industry’s total market cap in the last day. Bitcoin has traded down by 1.4% on the day—again failing to recover after a long bearish week. Also down by 1% today is Ethereum (ETH) and Binance Coin (BNB).
According to data from Coinpaprika, Bitcoin’s dominance—its market cap in relation to the market cap for all other cryptocurrencies— has dropped significantly from its highs of 70%. It is now at just 66.4%, taking up two-thirds of the entire market.
While Bitcoin might have a smaller share of the pie, the pie itself has grown. During its low in February 2019 the total market cap of all cryptocurrencies hovered around $110 billion. It’s now sitting at nearly twice that amount.