Report: Large-cap cryptocurrencies failed to break even last month

19 Jul, 2019 | Updated: 19 Jul, 2019
by Richard Allen
News
Report: Large-cap cryptocurrencies failed to break even last month

According to a recent report by Zerononcense, Bitcoin and other large-cap cryptocurrencies like Ethereum and XRP have been unable to break even throughout the last month.

As per the report, the confirmation of a double top forming for Bitcoin on a daily chart has suggested that Bitcoin is dragging the rest of the market down with it. Adding to this is Bitcoin’s dominance, which is currently at 65.8%.

The MVIS Index, which shows the performance of large, mid, and small-cap cryptocurrencies, has revealed that the performance of these digital assets has been largely negative over different periods of time.

For seven days, the MVIS index revealed that large-cap cryptocurrencies are -20.49% while mid-cap and small-cap are -18.42% and -21.71% respectively. By comparison, over the last 30 days, large-cap cryptos are -6.70%, mid-cap cryptos are -24.27% and small-cap cryptos are -26.50%.

However, over the last six months, all the above-mentioned cryptocurrencies reported positive performance. Large market-cap coins were up 117.25% while mid-cap cryptos and small-cap cryptos are 24.76% and 26.12%., respectively.

The above chart shows the weighted performance of the top 15 cryptos.

As AMBCrypto reports, Bitcoin’s dominance was recorded at 55% on June 12 before surging all the way to 66% on July 16 when it closed at around $9,500. The last time Bitcoin was trading at $9,500, its dominance was 57.65%. As Zerononcense observes, while BTC’s dominance climbed dramatically, the market cap sunk 51%.

“This indicates that the rest of the crypto market (outside of BTC) has fell by *at least that much,” the report states.

Additionally, this is cause for concern for those who are “banking on altseason” and for those HODLing.

 

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