After surging Bitcoin dipped below $6,300 today. The major cryptocurrency has dropped to as low as $6,284 before slightly recovering to $6,315 at press time. Bitcoin is down 4.65 percent over the 24 hour period, with 3.36 percent losses over the past 7 days. Bitcoin is barely holding its monthly gains whereas Ethereum and Ripple have seen a worse loss in market been on second and third in top cryptocurrency market respectively.
Ethereum has suffered worse losses, down 9.67 percent over the past 24 hours. The second cryptocurrency by market cap has suffered a significant decline, almost touching the $200 price point after trading around $225 for most the day.
Ripple (XRP), the third top cryptocurrency by market cap, is seeing even worse losses over the 24 hour period, down over 11.41 percent at press time. Ripple is now trading at $0.42, seeing a dramatic drop-off within the same time span as Ethereum. XRP is down almost 20 percent on the week.
Total market capitalization declined from $214 billion to $205 billion in just half an hour. A total market cap amounts to $204.8 billion.
With a major slump in crypto markets, Bitcoin’s dominance on the market has grown, up from the average 51-52 percent over the week to above 53 percent.
The tweet by Buterin was subsequently criticized by economist Nouriel Roubini aka “Dr. Doom,” who predicted the 2008 financial crisis. The anti-crypto economist said that Buterin has been “promising Proof-of-Stake (PoS) since 2013,” while the world is “still waiting for a system that is scalable, decentralized and secure.”