No Respite for Cryptocurrencies as the Bitcoin Price Plunge Continues
The crash in the price of Bitcoin has continued with no sign yet that this will abate anytime soon. As at press time, the Bitcoin was holding just above the $3,400 mark. This was after testing $3,700 in the past few days.
Thursday 13 December 2018 Update
The biggest loser within the Top 10 bracket of the most valued cryptocurrencies was Bitcoin SV with a 3.7% percent drop in trading price. This was followed by Bitcoin Cash with a 2.3% loss.
While there is no direct attribution for the higher losses recorded by Bitcoin SV and Bitcoin Cash, the negative market sentiments are to blame.
The price movement for Bitcoin shows a loss of less than 1 percent from trading highlights:
The lowest price so far in 7 days for Bitcoin was recorded on December 7, at $3,294. However, the market leader has continued to surf the bear market thus far. This CoinMarketCap price chart below illustrates this
In terms of market dominance, Bitcoin had a market share of 55 percent of the cryptocurrency market capitalization as at the time of this report.
In terms of a price drop, Ripple lost 0.38 percent over the course of the last 24 hours to December 13, 2018. It has continued to hold on to its second position on the chart of the most capitalized cryptocurrencies.
Ripple is valued at $12.4 billion presently with a 24-hour transaction count pushing towards the $345 million marks.
Like Bitcoin, Ripple recorded its lowest trading price on December 7th at $0.29, and it is trading at press time above the $0.30 mark
In the last 24 hours, ETH has lost 0.67% in its market price and its fortunes ties into the overall bear mood. Its market price has remained below the $90 mark in the last 7 days.
In a contrasting move, EOS has seen a respite in the last 24 hours by gaining 1.92 percent to move in the opposite direction to the market. It is trading at its best position this week with its market price rising to $1.93.
This is not the best of times for cryptocurrencies as the bear rage continues with no end in sight. Market watchers are hoping that some positive moves will be seen in the coming days as profit-takers recede from the scene.
There is no paucity of developments in the market at present as NEXO just got selected by TrueUSD as a lending partner.
So, amid price gloom, market actors are not losing a grip of their development plans and strategic partnerships.
The crypto trader should take a cue and look out for opportunities in the same vein. As they say, “it is not over till it is over.”