Ethereum Price Drops to One-Year Low as Altcoins Dree

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Last year when Bitcoin dominance was over 50%, conditions of the market were different compare to what is obtained this year.

The subtle art of predicting the future of the crypto markets hinges more on news and the reaction to it, than to the highly respected technical analysis of BTC.

"At this point, we have not reached a conclusion on the scope of our digital asset offering", Goldman Sachs spokesperson Michael DuVally told Reuters.

On Wednesday of this week, the cryptocurrency market saw a sharp decline across the board.

However, even during the downward trend, bitcoin manages to hold the upper hand over other competing cryptocurrencies in the market that are also suffering the dip of the total market cap.

A considerable number of people holding bitcoin were betting that Goldman Sachs would launch a bitcoin desk and thus spark more demand for bitcoin and other cryptocurrencies from institutional investors, raising prices.

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Last year, the U.S. Securities and Exchange Commission warned that some of the coins issued in ICOs could be considered securities, implying that trading them would have to comply with federal securities laws. Having an investment bank with its pull and power was seen by observers as previously handing over its seal of approval, a very valuable imprimatur on cryptocurrency. Officially Goldman Sachs has neither confirmed nor denied the report in any of the news.

The plan to open crypto trading desk, however, has now moved down the investment banking giant's priority list due to the regulatory uncertainty in this area.

At the same time, 87 percent of the study's interviewees said they've had no interaction with Bitcoin. Additionally, ETH lost most of the gains it had during last years' bull run.

LTC has suffered from the ongoing bear market and is now ranked 7th in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens. One of the most popular Bitcoin ETF applications that have been rejected by the agency is the application of Cameron and Tyler Winklevoss.

This latest report from Business Insider will finally put to rest, at least for the time being the speculations surrounding Goldman Sachs' role in the crypto market. It could revive these plans later, they added.

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