Ripple Continues to Rally, As Most Major Coins Struggle to Recover
21 November, 2018, 00:54 | Author: Elaine Woods
The world's largest cryptocurrency is breaking all crucial support levels since the last one week. At the time of writing, ETH/USD lost 9.50 percent to 136.61. Currently, the Bitcoin valuation stands at $81.2 billion.
One market estimate made last month put the cost of mining one bitcoin at $7,000.
Bitcoin cash itself was forked away from bitcoin in August a year ago, over disagreements on how to scale the digital asset. That came as two software-development factions failed to agree on a way to upgrade the offshoot of the original Bitcoin, leading to a computing power arms race. "As the year has progressed volumes have fallen away and some are arguing that the adoption of cryptocurrencies has stalled".
As BTC, which maintained stability from August to November, dropped substantially against the United States dollar, other major cryptocurrencies struggled to sustain momentum.
After Ripple, Stellar (XLM) is the strongest-performing top ten alt, seeing a solid 4.55 percent gain to trade at $0.25 on the day; anonymity-oriented alt Monero (XMR) is also up a strong 3.5 percent at $89.04. Since most ICOs raised their funding in Ethereum, there has been fear of a major sell-off, which appears to have already started and is now accelerating. Ripple has been doing good business lately, which is why XRP has dropped less than its peers.
Bitcoinfell to as low as $4,960 on Monday, the eighth consecutive day of losses for cryptocurrency token, and the second low-water mark in days. Bitcoin Cash is the most heavily affected cryptocurrency in this market fall.
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The still-nascent sector is not completely transparent and analysts have struggled to understand what precisely prompted the latest drop. Put in perspective, bitcoin price by this time past year, closed at just over $8,000 with a market cap of more than $134 billion.
The agency recently settled with two companies, Paragon, and Carrier EQ, requiring them to pay $250,000 in penalties each, and offer investors a chance to request a refund for their tokens.
"The selloff is related to enforcement, which is nearly certainly underway", said Justin Litchfield, chief technology officer at ProChain Capital. Bram Cohen, a co-founder of the proposed digital currency Chia, shares his view with Bloomberg. "A lot of people have lost interest", said Fawad Razaqzada, an analyst at Forex.com. Though the market conditions are not the same if we compare the last parabolic move for Bitcoin in 2013 to today's market we still have some time to go before the trend reverses.
The computations get progressively harder to crack the more bitcoins there are on the market. However, keep in mind that there is an opportunity to accumulate your Bitcoin at this point.
The $5,000 level was an important and major support level for the Bitcoin and now it has breached, it is likely to extend the bearish phase for some more time.
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