Ethereum, XRP struggle to improve market dominance; BTC marches ahead
As we enter the final week of March, users in the digital asset space are bracing themselves for another unexpected tussle. The current month has been as unpredictable as the weather, with the markets experiencing a period of both bullish and bearish momentum.
The bearish slump on 12th March was particularly alarming as many assets registered substantial low price points. The past seven days hinted at recovery.
The total market cap of the industry increased from $127 billion to $168 billion at press time, registering a hike of close to 34 percent over a week.
According to Arcane Research, small-cap assets have been quick to respond to the positive trend. The index was down by 40 percent for the month of March on the 12th, but after corrections, the small-cap assets were only down by 23 percent.
Statistics from Weiss Crypto Ratings suggested that since 13th March, WSC rating points have improved from 829.10 to 1255.54 on 20th March. The Weiss indices are evaluated in terms of basic standards of technology, adoption and market performance of a period of time.
Bitcoin managed to stay ahead of the collective large-cap assets index. WLC index grew by almost 181 points as its index improved from 388.13 to 569.31 over the past week. At press time, Large Cap assets were down by 29 percent over the month of March.
Although Mid-Cap assets grew by 46 percent over the week, as the WMC index rose from 1337 points to 1999, it continued to exhibit an average downfall of 35 percent over the month of March.
Bitcoin’s stabilizes as Ethereum, XRP struggle
Bitcoin has been able to take control of its market over the week as its market dominance improved from 63.12 percent to 65.1 percent at press time. However, the same could not be said for Ethereum and XRP.
After the dip on 12th March, the altcoins registered new all-time-lows taking the past 12 months into consideration. Their market dominance also depleted in spite of the recent price hike.
Ethereum’s market dominance dropped from 9.03 to 8.47 percent over the week as XRP‘s market was reduced to 4.03 percent from 4.28.