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TRX dominates the market as $100 billion is erased from the overall cryptocurrency market capitalization, while ETH transaction values surge by more than 100%.
All leading cryptocurrencies experienced a significant decline in their values following a substantial sell-off on Aug. 17.
The total market capitalization of the cryptocurrency sector decreased by 8% to $1.06 trillion, erasing more than $100 billion.
This trading session impacted the performance of major cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Tron (TRX), Ripple (XRP), and Binance Coin (BNB). Bitcoin faced a considerable setback, dropping from over $29,000 to $25,300 in U.S. after-hours trading. As of the latest update, BTC has slightly rebounded, stabilizing at $26,450. Nonetheless, this represents a 7.45% decline over the previous 24 hours and an overall reduction of 11.98% in the last month.
The price drop was most pronounced on Coinbase, where the price did not exceed $26,000, unlike on the competing exchange Binance. The chart below illustrates the lows for BTCUSD trading pairs on Binance (orange) and Coinbase (blue).
Source: TradingView
Despite the sharp decline, Bitcoin continues to hold a significant market dominance of 48.4%.
The chart below is indexed to 100 from Monday, Aug. 14, to depict the relative percentage change among the leading cryptocurrencies.
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Source: TradingView
Ethereum (ETH), the second-largest digital asset by market capitalization, was also affected by market volatility. ETH is currently trading around $1,690, having recorded a 6.02% decline over the last 24 hours and an 11.35% drop over the past month. Additionally, BNB Chain (BNB) faced a downturn, trading at $218.702, reflecting a 5.46% decrease in the last 24 hours and a 10.07% decline over the past month.
In contrast, Tron (TRX) exhibited a relatively stronger performance, with only a 2.41% decrease in the last 24 hours and a 9.99% decline over the past month, reaching a trading price of $0.072.
The daily transaction volume on Tron increased to 1.442 billion TRX from 1.033 billion TRX, approximately 39%, on Aug. 17. In comparison, on Ethereum, the average transaction value rose to $3,374 from $1,577, approximately 113.8%.
Considering the comparative performance of the two assets, the on-chain data underscores the disparity in network activity, which contributed to a heightened sell-off for Ethereum.
Ripple (XRP) recorded the most significant decline among the top five, with its price falling by 13.65% in the past 24 hours alone and an overall decrease of 38.09% in the past 30 days, now standing at $0.508.
| Symbol | Price | 24hr | 7 day | 30 day |
|---|---|---|---|---|
| BTC | $26,447.20 | -7.45% | -10.01% | -11.98% |
| ETH | $1,689.13 | -6.02% | -8.55% | -11.35% |
| TRX | $0.07282 | -2.41% | -5.63% | -9.99% |
| XRP | $0.50830 | -13.65% | -19.76% | -38.09% |
| BNB | $218.702 | -5.46% | -8.99% | -10.07% |
The post TRX leads market, $100B wiped from total crypto market cap, as ETH transaction values soar over 100% appeared first on CryptoSlate.
