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February 21, 2018, 05:44:05 PM |
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The cryptocurrency market cap dipped below $500 billion on Wednesday, marking the recovery’s second hiccup in the past week. The market’s pullback was catalyzed by a precipitous Bitcoin price decline. On Monday, the flagship cryptocurrency had extended its rally as far as $11,788 on cryptocurrency exchange Bitfinex, at which point Bitcoin appeared to tumble off a cliff. Over the ensuing six hours, the Bitcoin price declined by more than $1,000, ultimately bottoming out at $10,680. Since regaining its footing, Bitcoin has recovered to just above the $11,000 mark, but it is currently unclear whether it will manage to hold at this level. Despite this decline, Bitcoin continues to increase its market share, enabling it to reestablish its dominance over the altcoin markets. At present, Bitcoin boasts a $189 billion market cap, which represents a 39 percent share of the total market cap.
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