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

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.)

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.

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.