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TRX leads market, $100B wiped from total crypto market cap, as ETH transaction values soar over 100% TRX leads market, $100B wiped from total crypto market cap, as ETH transaction values soar over 100%

TRX leads market, $100B wiped from total crypto market cap, as ETH transaction values soar over 100%

Amid a crypto market plummet, Tron minimizes losses as Bitcoin, Ethereum, and Ripple witness sharp declines.

TRX leads market, $100B wiped from total crypto market cap, as ETH transaction values soar over 100%

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

All major cryptocurrencies saw a sharp decrease in their values following a massive sell-off yesterday, Aug. 17.

The global market cap of the crypto industry fell 8% to $1.06 trillion, wiping out over $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 suffered a substantial hit, plummeting from over $29,000 to $25,300 in U.S. after-hours trading. By press time, BTC has made a slight recovery, stabilizing at $26,450. Nevertheless, it marked a 7.45% drop from the previous 24 hours and an overall decrease of 11.98% in the past month.

The price drop was most severe on Coinbase, as the price never breached $26,000 on rival exchange Binance. The chart below shows the lows for BTCUSD trading pairs across Binance (orange) and Coinbase (blue.)

BTC coinbase binance
Source: TradingView

Despite the sharp drop, Bitcoin still maintains a considerable 48.4% market dominance.

The chart below is indexed to 100 from Monday, Aug. 14, to illustrate the relative percentage change across the top cryptocurrencies.

crypto market cap
Source: TradingView

Ethereum (ETH), the second-ranking digital asset by market capitalization, was not exempted from market turbulence. ETH is trading around $1,690, having experienced a 6.02% drop over the last 24 hours and an 11.35% fall over the past month. Meanwhile, BNB Chain (BNB) also suffered a downturn, trading at $218.702, showing a 5.46% decrease in the last 24 hours and a 10.07% drop over the past month.

However, Tron (TRX) showed a comparatively resilient performance, with only a 2.41% decrease in the last 24 hours and a 9.99% decline over the past month to reach a trading price of $0.072.

The daily transaction amount on Tron rose to 1.442 billion TRX from 1.033 billion TRX, approximately 39%, on Aug. 17. Comparatively, on Ethereum, the average transaction value increased to $3,374 from $1,577, approximately 113.8%.

Given the relative performance of the two assets, the on-chain data highlights the difference in network activity, which led to an increased sell-off for Ethereum.

Ripple (XRP) demonstrated the most drastic reduction among the top five, with its price dropping by 13.65% in the past 24 hours alone and an overall 38.09% decrease in the past 30 days to stand at $0.508.

SymbolPrice24hr7 day30 day
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%

 

 

TRON Market Data

At the time of press 10:42 am UTC on Aug. 18, 2023, TRON is ranked #10 by market cap and the price is down 2.78% over the past 24 hours. TRON has a market capitalization of $6.51 billion with a 24-hour trading volume of $301.16 million. Learn more about TRON ›

TRON

10:42 am UTC on Aug. 18, 2023

$0.07

-2.78%
Crypto Market Summary

At the time of press 10:42 am UTC on Aug. 18, 2023, the total crypto market is valued at at $1.06 trillion with a 24-hour volume of $70.63 billion. Bitcoin dominance is currently at 48.48%. Learn more about the crypto market ›

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