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CRYPTOCURRENCIES have a history of volatility, and none seems more extreme than Bitcoin, which accounts for approximately one-half of the market cap of all cryptocurrencies.

The numbers are eye-popping, with Bitcoin accounting for more than $2 trillion, or 57% of the total $3.7 trillion in cryptocurrencies (source). Ethereum (ETH-X) is a distant second with $.5 trillion, or 14%, followed by Tether (USDT-X) and Ripple (XRP-X), each with approximately 4.5% of the total.

Tether is a stablecoin pegged to the U.S. dollar, so this article will focus on the price action of the other three. Let's start with Bitcoin...

BITCOIN (BTC)
 

From its peak of $105k in January, the price of Bitcoin fell 28% to a low of $76k in early April. That does not seem unusual or unique, given that other markets suffered similarly at that time, mostly due to concern about the effects of tariffs.

Similarly, Bitcoin's reversal and recovery to a new all-time high at $124k has paralleled other markets, which have also risen strongly since their April lows.

Most recently, the price of Bitcoin has dropped from its all-time high of $124k back down to $107k at the time of this writing.

The price action in Bitcoin does not seem unusual or extreme.  There are, however, possible reasons for concern.  That concern is prompted by the price action in Ethereum and Ripple.

ETHEREUM (ETH)
 

The pattern and timing for price changes in Ethereum are similar to those described above for Bitcoin - an interim top in January, a low point in April, and a strong move back up since then. What is different is the magnitude of Ethereum's price moves compared to Bitcoin.

Ethereum's percentage decline from its January peak to its April low amounted to 62%, more than twice the percentage decline of Bitcoin.

The low price for Ethereum in April was approximately $1400. At its most recent peak, Ethereum was above $4900. That amounts to a gain of 250% compared to Bitcoin's increase of 63% ($76k to $124k).

Net increases since their respective January highs are decidedly favorable to Ethereum, with a net increase of 32% ( $3700 to $4900), while Bitcoin is up by  18%.

RIPPLE (XRP)
 

From a January high of $3.27, XRP (Ripple) dropped to a low of $1.79 in April. The decline of 45% was not quite as bad as Ethereum's, but much worse than Bitcoin's. The subsequent recovery to a new high of $3.65 more than doubled its price (+103%), surpassing Bitcoin's increase (+63%) but far behind the pace set by Ethereum (+250%).

The most recent price drop (-23%) in XRP is much worse than Bitcoin (-13%) and twice as much as Ethereum (-11%).

CONCLUSION 
 

Hugely disproportionate moves in the Bitcoin price relative to others may be coming to an end. For traders, that can mean bigger gains and bigger losses in non-Bitcoin crypto, depending on market direction.

Bitcoin is not likely to yield much in the way of market share, but other entries in the field might be better long-term value bets. (also see Bitcoin Has No Value)

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