Red Tide: Double-Digit Losses Sweep Crypto Asset Market.
The cryptocurrency markets are a sea of blood, it is painted red today, with all the top 10 cryptocurrencies by market cap reporting double-digit percentage losses for the last 24 hours (at press time).
Bitcoin (BTC) has dropped 16 percent over the same period to 10-week lows below $8,000, and is heading towards its worst weekly loss (more than 25 percent) since April 2013.
The cryptocurrency suffered a 30-percent drop in January and is down 45 percent on a year-to-date basis.
Likewise, Cardano (ADA) is the biggest loser in the top 10, and is down 37 percent.
In this sense, Ethereum’s ether (ETH) token is down by 28 percent. The cryptocurrency had looked relatively resilient earlier this week, reportedly due to institutional capital flows and Venezuela’s decision to presale petro cryptocurrency on the ethereum platform. However, the bull grip looks to have weakened and ETH was last seen trading around $785, it’s lowest so far in 2018.
Meanwhile, Ripple’s XRP token ranks third on the list of losers with a 35 percent drop. The cryptocurrency has now fallen to $0.635, its lowest level since Dec. 15. That follows XRP’s bad start to the year, with a 49 percent fall during the month January.
In published statistics, cryptocurrencies: IOTA, NEO, EOS and litecoin have all also posted losses greater than 20 percent.
Overall, the total market capitalization of all cryptocurrencies taken together has dropped more than $100 billion, to below $400 billion for the first time in 2018.
Below in the information supported by the commercialization systems available, can be seen with a rare positive note amid the gloom and doom, a gold-backed token named DigixDAO (DGD) stands out after having posted 30 percent gains.
In summary it is possible to see that from time to time there are increases in the market that can be perceived as very positive, the blockchain-bitcoin technology has all the sustenance of the ecosystem, the bitcoin is a reference cryptocurrency and its price is a marker, when its price takes an impulse, the other cryptos, add in price, when it loses power that happens with the other cryptocurrencies, that is to say that bitcoin leads the market, by its power of appreciation.
Equally, it is striking that the cryptocurrency, DigixDAO (DGD), supported or backed by gold is rising in price, that means that there is confidence in its technology and support, this situation may change in terms of the cryptocurrency or price leader when in a few weeks Petro cryptocurrency is launched, which will be backed by 5 billion barrels of oil, and which may fluctuate with the oil price of the oil basket of Venezuela, at the moment it is $ 66 per barrel, time will tell what the new possibilities of the cryptocurrency ecosystem will be. It waits for new ads.
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