Over the past day, the crypto market has lost $23 billion, declining from $217 billion to $194 billion, as leading cryptocurrencies such as bitcoin indicated a lack of momentum.
Every leading cryptocurrency in the market without any exemption has declined in value on August 14. Ether, the native cryptocurrency of Ethereum hit its lowest value in 2018, going below the $290 level for the first time since November last year.
Bitcoin Cash, which was performed better over the past couple of months compared to other cryptocurrencies including EOS and Ripple also dropped by 16 percent, to its all-time low.
EOS, Litecoin, Ethereum Classic, Ripple, and others recorded a decline in the range of 15 to 20 percent, initiating a significant sell-off across leading cryptocurrency exchanges.
Throughout 2018, the cryptocurrency market went through three major declines in its valuations, as Bitcoin tested the $6,000 support level in February, April, and June, at a pace of three months. Every time Bitcoin dropped to the $6,000 level, it recovered to the level of $9,000 to $11,000, only to drop again to $6,000 a month or two after.
Even though Bitcoin, the dominant cryptocurrency in the market went through similar declines in the last six months, aside from June, it has not experienced losses in the $5,000 level. In June, BTC dropped below the $7,000 level, reaching almost close to the $5,500 support level. However, Bitcoin has recovered relatively well apart from June.
This week, BTC has found it hard to show any sign of recovery and momentum, even though it recorded a 6 percent drop in value while others have dropped further by 15 percent.
Despite the dominance index of Bitcoin, which measure the dominance of BTC over the overall market, exceeding the 50 percent mark, BTC has found it hard to start a corrective rally and recover to the $7,000 region.