With a major slump in crypto markets, Bitcoin’s dominance on the market has grown, up from the average 51-52 percent over the week to above 53 percent at press time.
Percentage of Bitcoin 24-hours Dominance. Source: CoinMarketCap
All top 20 coins by market cap, except stablecoin Tether (USDT), have seen significant losses recently, down between 4 and 12 percent over 24 hours period.
The 17th top cryptocurrency NEM (XEM), which was rising earlier this month, has suffered the largest losses among top 20 cryptocurrencies by market cap, down almost 11 percent and trading at $0.095 at press time. XEM is down almost 9 percent on the week.
Bitcoin Cash (BCH) and TRON (TRX) are down more than 10 percent over the past 24 hours, trading at $457 and $0.023, respectively. TRON is still up 5.45 percent over the past 7 days, following significant growth on Oct. 7.
Earlier today, Ethereum co-founder Vitalik Buterin “officially” predicted that a financial crisis will take place “sometime between now and 2021” on Twitter. The industry disruptor clarified that his prediction was coming “not because” he had some “special knowledge,” but just to have a small chance to be later recognized as a "a guru who predicted the last financial crisis".
The tweet by Buterin was subsequently criticized by economist Nouriel Roubini aka “Dr. Doom,” who predicted the 2008 financial crisis. The anti-crypto economist said that Buterin has been “promising Proof-of-Stake (PoS) since 2013,” while the world is “still waiting for a system that is scalable, decentralized and secure.”