Ethereum [ETH], Monero [XMR] and Tether [USDT] buckle under the bear’s pressure

The market opened today, 8th October, to a bearish spread with most of the major cryptocurrencies seeing red across the board. Major cryptocurrencies like Ethereum [ETH], Monero [XMR] and Tether [USDT] all saw the bear looming over them with consistent drops marking a relatively weak hold on the prices.

At the time of writing, Ethereum [ETH] was dropping at a weekly rate of 3.06% with the 24-hour dip of 0.21% forcing the coin to drop to a low of $224.52. The cryptocurrency held a total market cap of $22.999 billion which resulted in the disparity between the market cap of ETH and XRP to increase to almost $3.8 billion. XRP was holding a market cap of $19.348 billion, the fall below the $20 billion mark attributed to a week of bearish behavior.

Most of Ethereum’s trading volume was held by ZB.COM with a total majority of $98.468 million. ZB.COM’s trade volume was closely followed by DOBI trade with a hold of $87.129 million of the total Ethereum transactions.

Monero [XMR] at press time was trading for $113.66 and was falling at the rate of 0.12%. Experts have claimed that Monero’s relatively lower dip is significant because of Tron [TRX] playing catch up to overtake its position on the cryptocurrency charts. Tron has been on a mission to enter the top 10 cryptocurrency club on the back of a 25% growth over the past seven days. Monero’s market cap of $1.872 billion was just slightly above that of Tron, which held a market cap of $1.828 billion.

Monero was also in the news recently when the organization announced the launch of a website that educates users on how to remove Monero mining malware from their systems, hence securing it from attacks and illegal mining.

Tether [USDT] which was one of the few cryptocurrencies maintaining a constant bracket on its prices of $1.00, also saw a surprising fall in its value, bringing the price down to $0.995. The cryptocurrency’s market cap of $2.798 billion was under threat to be overtaken by Cardano [ADA], whose 3.33% growth saw the cap difference reduce to $600 million. The major share of Tether’s trading volume was held by ZBG, which saw almost $302.418 million worth of USDT being traded on the cryptocurrency exchange.