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TRX leads market, $100B wiped from total crypto market cap, as ETH transaction values soar over 100%

18.08.2023
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All major cryptocurrencies saw a sharp decrease in their values following a massive sell-off yesterday, Aug. 17.

The global market cap of the crypto industry fell 8% to $1.06 trillion, wiping out over $100 billion.

The trading session affected the performance of prominent cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tron (TRX), Ripple (XRP), and Binance Coin (BNB). Bitcoin suffered a substantial hit, plummeting from over $29,000 to $25,300 in U.S. after-hours trading. By press time, BTC has made a slight recovery, stabilizing at $26,450. Nevertheless, it marked a 7.45% drop from the previous 24 hours and an overall decrease of 11.98% in the past month.

The price drop was most severe on Coinbase, as the price never breached $26,000 on rival exchange Binance. The chart below shows the lows for BTCUSD trading pairs across Binance (orange) and Coinbase (blue.)

BTC coinbase binance
Source: TradingView

Despite the sharp drop, Bitcoin still maintains a considerable 48.4% market dominance.

The chart below is indexed to 100 from Monday, Aug. 14, to illustrate the relative percentage change across the top cryptocurrencies.

crypto market cap
Source: TradingView

Ethereum (ETH), the second-ranking digital asset by market capitalization, was not exempted from market turbulence. ETH is trading around $1,690, having experienced a 6.02% drop over the last 24 hours and an 11.35% fall over the past month. Meanwhile, BNB Chain (BNB) also suffered a downturn, trading at $218.702, showing a 5.46% decrease in the last 24 hours and a 10.07% drop over the past month.

However, Tron (TRX) showed a comparatively resilient performance, with only a 2.41% decrease in the last 24 hours and a 9.99% decline over the past month to reach a trading price of $0.072.

The daily transaction amount on Tron rose to 1.442 billion TRX from 1.033 billion TRX, approximately 39%, on Aug. 17. Comparatively, on Ethereum, the average transaction value increased to $3,374 from $1,577, approximately 113.8%.

Given the relative performance of the two assets, the on-chain data highlights the difference in network activity, which led to an increased sell-off for Ethereum.

Ripple (XRP) demonstrated the most drastic reduction among the top five, with its price dropping by 13.65% in the past 24 hours alone and an overall 38.09% decrease in the past 30 days to stand 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.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

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