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Bitcoin Take Downturn Days!

Bitcoin Take Downturn Days!

December 31, 2018 6:37 am,

When Bitcoin price is as high as it is, a single percentage point is worth more than $30, so even a shift of 2% is notable. BTC was trading under $3600. Earlier this week, it was thought that the godfather cryptocurrency might make it back over the $4000 line, but things broke the opposite direction. 

The already struggling market pulled out more than $15 billion from its total valuation in the last 48 hours. Last Christmas, as BTC was trading above $14,000 and the market was booming with demand from all over the world, a similar bear was triggered during the trading session on this day, the market shed around $26 billion.

The Bitcoin price dipped below the $3800 mark after promising a price surge to $4300 and the BCH price suffered a large decline from $230 to $170 within a one week span, losing 26 percent of its value against the USD.

Ripple forfeits over 6%

Ripple’s price has lost about a nickel. Confidence in the bank-friendly blockchain platform remains high across the board, with Ripple CEO making statements to effect that Ripple is overwhelmingly a decentralised platform. Ripple enjoys a strong community and as time goes on its price has divorced from its BTC peg, with more markets adding it as a base pair and trading it against the fiat currencies. This could result in more price stability for Ripple.

Other cryptocurrencies followed the same suit. XRP, world’s second largest cryptocurrency, fell by 15 percent after the massive 43.2% spike in the past 7 days and is at $0.38. The cryptocurrency was trading for $0.45 with a total market cap of $17.36 billion. The cryptocurrency’s $1.4 billion market cap was majorly split within Upbit and Bitbank, the former controlling $216.114 million worth of XRP transactions while the latter had a hold on $210.638 million worth of decentralized.

Ethereum Drops 10%

Ethereum saw a drop of over $130. It had recently overtaken BCH in terms of price, but BCH bulls more recent days have caught up with ETH and surpassed it yet again.. The overall loss to ETH’s price is around 10%. It still maintains a higher market capitalization that BCH, standing at $2.6 billion.  

Last week with a total market cap of $15.135 billion and a 24-hour market volume of $3.782 billion. A majority of ETH trade volume was held by OEX, which had a grasp on 4.78% of all transactions conducted. This week, the valuation of the crypto market increased by $29 billion from $100 billion to $129 billion and also $18 billion wiped out in 2 days.

BCH is just trading above $180, but by the end of it, sellers would be lucky to get just over $150. It’s unclear what drove the resurgent demand on BCH.