The crypto market has been taking quite a beating these past 36 hours. Bitcoin (BTC) is currently trading around the $6,000 mark and currently holds 54% of the total market dominance. Many of the altcoins are suffering, especially Ethereum (ETH). We’ll also take a closer look at TRON (TRX) and IOTA (MIOTA), two other altcoins on the market that are currently suffering big.
Ethereum (ETH) News
Yesterday, the second largest cryptocurrency by market cap fell to its year-low of under $300. According to CoinMarketCap, ETH is trading at $261.46 a coin, down -15.01% in 24 hours.
The last time Ethereum traded at these levels was back in November of 2017. It remains unknown if investor confidence has fallen with Ethereum specifically or if it’s just an overall crypto sell-off.
Ethereum developers are frantically trying to come up with a solution to solve Ethereum’s scalability issue, and presently, there are many options on the table.
TRON (TRX) News
Despite having its mainnet launched and running smoothly, TRON has fallen to the 12th largest cryptocurrency by its market cap just behind IOTA. This week, TRON has been passed by Monero (XMR) as well as IOTA.
There hasn’t been a specific instance that has caused TRX to drop, as its mainnet has been running fairly steady.
At press time, TRX is trading at $0.0175 a coin, down -19.55% in 24 hours. For the week, TRX is down -41.07%, and for the month, the coin is down -47.60%.
IOTA (MIOTA) News
IOTA had a shaky week last week, as two of its co-founders engaged in an altercation that was made public. After the transcript was leaked to the press, IOTA made a formal announcement about the altercation and how they eventually resolved the conflict.
Despite the IOTA Foundation giving a formal explanation, it seems investors aren’t too confident in the young leaders. However, MIOTA’s dip could very well be just a market trend.
At press time, MIOTA is trading at $0.424 a coin, down -18.73% in 24 hours. IOTA is ahead of TRON as the 11th largest cryptocurrency by just over $50 million.
Featured Image: Depositphotos/© dennizn