All major cryptocurrencies saw their value fall sharply after a massive sell-off yesterday, August 17.
The crypto industry’s global market cap fell 8% to $1.06 trillion, wiping out more than $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 took a serious hit, plummeting from over $29,000 to $25,300 in US after-hours trading. At the time of writing, BTC has made a slight recovery and has stabilized at USD 26,450. Nevertheless, it marked a 7.45% drop from the previous 24 hours and an overall drop of 11.98% over the past month.
The price drop was most severe on Coinbase, as the price never crossed $26,000 on rival exchange Binance. The chart below shows the lows for BTCUSD trading pairs in Binance (orange) and Coinbase (blue).
Despite the sharp drop, Bitcoin still maintains significant market dominance at 48.4%.
The chart below is indexed at 100 as of Monday, August 14 to illustrate the relative percentage change in major cryptocurrencies.
Ethereum (ETH), the second digital asset by market capitalization, was not exempt from market turbulence. ETH is trading near $1,690, after falling 6.02% over the past 24 hours and down 11.35% over the past month. Meanwhile, BNB Chain (BNB) also suffered a downturn, trading at $218,702, down 5.46% in the past 24 hours and down 10.07% over the past month.
However, Tron (TRX) showed a relatively resilient performance, dropping only 2.41% in the past 24 hours and down 9.99% over the past month to reach a trading price of USD 0.072.
The daily transaction amount on Tron rose to 1.442 billion TRX from 1.033 billion TRX, about 39%, on August 17. In comparison, on Ethereum, the average transaction value increased to $3,374 from $1,577, about 113.8%.
Given the relative performance of the two assets, the on-chain data highlights the difference in network activity, which led to a bigger sell-off for Ethereum.
Ripple (XRP) showed the most drastic drop in the top five, with its price dropping 13.65% in the past 24 hours alone and an overall drop of 38.09% over the past 30 days to $0.508.
| Symbol | Price | 24 hours | 7 day | 30 days |
|---|---|---|---|---|
| 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% |
At the time of going to press, TRON is ranked #10 by market cap and so is the TRX price down 2.78% in the last 24 hours. TRX has a market cap of $6.51 billion with a 24-hour trading volume of $301.16 million. Learn more >
Market summary
At the time of going to press, the global cryptocurrency market is valued at $1.06 trillion with a 24-hour volume of $70.63 billion. Bitcoin’s dominance is currently up 48.48%. Learn more >