Amidst Horrid Week for Cryptocurrencies, Bitcoin Strengthens its #1 Position

It was a horrible week for cryptocurrencies. Terrible. Just awful. All major cryptocurrencies suffered great losses and the entire crypto market shed dozens of billions of dollars in total. And within all this decentralized carnage, Bitcoin managed to reinforce its position as the undisputed cryptocurrency king.

Let’s review how a few of the most prominent cryptocurrencies have performed this week (August 5-12).

Ethereum (ETH), the second largest cryptocurrency by market capitalization, has plunged from around $410 to about $320 – 22% drop. Ouch.

Ripple (XRP) has fallen even harder – from $0.43 at the beginning of the week to circa $0.306 now (August 12), a 29% drop.

EOS (EOS) has also had a dire week, plummeting to $5.14 from $7.03, shrinking by nearly 27%.

Litecoin (LTC), which gained some positive headlines recently, has undergone this week a slightly more moderate decline – from $74 to $60, falling 19%.

And lastly, Bitcoin (BTC). The largest cryptocurrency by market cap “enjoyed” the mildest tumble this week among the most popular cryptocurrencies – dropping from about $7,070 to around $6,350, a mere (relatively, of course) 10% decrease.

All of these downward shifts and others from the crypto market resulted in a more commanding standing of Bitcoin as the largest cryptocurrency. According to CoinMarketCap.com’s “dominance” chart, Bitcoin’s percentage out of the total market capitalization of all cryptocurrencies has surpassed this week the 50% mark for the first time since the end of last year (from December 19, 2017 to be exact).