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July 20, 2018 @ 20:15 +03:00
The dominance of BTC started to bounce back, first reaching 40 percent, and ultimately recovering up to 45 percent, which it had not been able to secure since November, 2017, when its dominance index was at 58.67 percent. Over the past 24 hours, both major digital assets and tokens that have performed well against both bitcoin and the US dollar throughout early 2018, fell by more than 10 percent on average, while bitcoin maintained its support level at $7,400, hovering around $7,460.
As of July 20, Aelf (ELF), Ontology (ONT), ICON (ICX), 0x (ZRX), Zilliqa (ZIL), and Tron (TRX), all of which recorded 50 to 200 percent gains against BTC in April, fell by 7 to 12 percent, with ICX falling to 0.0001835 BTC, from its 0.0009194 BTC peak in January. In bear markets, dominant cryptocurrencies tend to outperform tokens and small digital assets quite drastically, as investors look for store of values that are more stable than lower market cap coins.
Consequently, over the last 48 hours, while bitcoin, ether, and Bitcoin Cash have only fallen by 1 to 3 percent, tokens have fallen by 7 to 20 percent against bitcoin. Over the past three months, tokens have had a solid basis to increase in volume and price, mainly due to two major factors: the approval of ether by the US Securities and Exchange Commission (SEC) as a non-security and the unforeseen move of Coinbase to add two tokens in the near future.