Cryptocurrency market losses $50 billion in market capitalization as XRP price drops by 50%

• In the past 24 hours, XRP price dropped by more than 50%.
• The entire market lost around $50 billion as it seems XRP is dragging it down.

XRP was trading as high as $0.45 in the past 24 hours but has dropped to a low of $0.212, a massive 50% dive that seems to have no end. Initially, it seems that it had basically no effect on the market, however, in the end, Bitcoin and others did feel the dive. 

Although Bitcoin is only down by 4%, other cryptocurrencies like Ethereum are down by 10% or more. Some of the worst performers include EOS, down almost 30%, and the newly listed TheGraph (GRT) which was one of the best performing coins not long ago. 

Is it the beginning of a massive rally or the end?

The all-time high of the total market capitalization of crypto was $811 billion on January 6, 2018. The 2020 peak was around $680 billion, despite Bitcoin hitting a new all-time high above $24,000. 

Total Market Capitalization chart

This begs the question, is this the beginning of the altcoin rally? In 2017, Bitcoin had a massive rally towards $20,000 gaining a lot of market dominance like it’s doing now, sitting at 69%. It was only after Bitcoin started consolidating that altcoins began to rally. At one point, Ethereum was significantly close to beat BTC in terms of market capitalization. 

Bitcoin Dominance chart

Bitcoin’s dominance is actually higher than it was at its peak in December 2017 at 62.8%. As long as Bitcoin remains in control, altcoins will most likely not see any significant gains