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All Cryptos See Major Losses as Market Hit by Distinctly Unfestive Correction

Crypto markets are lacking in Christmas cheer, with virtually all of the top 100 coins by market cap in the red.

Friday, Dec. 25 — crypto markets are lacking in Christmas cheer, with many major crypto assets hit with double-digit losses. Virtually all of the top 100 coins by market cap are in the red, as data from Coin360 shows.

Market visualization by Coin360

Largest cryptocurrency Bitcoin (BTC) has plummeted over 9 percent on the day, and is trading at $3,812 as of press time, according to Cointelegraph’s Bitcoin Price Index. After bullish growth yesterday, Christmas eve, to break over $4,236, the top coin has been trading as low as $3,755 in the trading hours before press time — an around $500 drop.

Over these past seven days, Bitcoin’s trading pattern has been characterized by high volatility — veering between reclaiming the $4,000 price point and beyond, to dipping back down towards the $3,700–$3,800 range.

While the coin is still a strong 17.2 percent higher than its value at the start of its weekly chart, on the month, Bitcoin is down by around 12 percent.

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index

Second-largest crypto by market cap Ripple (XRP) has fared even worse, shedding a stark 15 percent over the 24 hours before press time, according to Cointelegraph’s Ripple Price Index. The asset is currently trading at $0.38 — following an intraweek peak at $0.45 yesterday. On its weekly chart, Ripple is nonetheless a strong 31.5 percent in the green, with monthly losses at a mild 7 percent.

Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index

Ethereum (ETH) — ranked third by market cap — has lost over 18 percent on the day and is trading at $127 to press time. During yesterday’s mini-rally, Ethereum had broken above $150 — its highest price point in around five weeks.

Ethereum is a bullish 51.5 percent in the green on its weekly chart, and it has inched into green on the month, up by around 5 percent.

Yesterday’s price hike in the context of Ethereum’s 3-month price chart. Source: Cointelegraph’s Ethereum Price Index

Fourth-largest cryptocurrency Bitcoin Cash (BCH) is down around 20.7 percent and is trading at $164 as of press time. Having seen astonishing volatility as of late, the coin is around 113 percent up on its weekly chart — and down by around 27 percent on the month.

Newly-forked Bitcoin SV (BSV), currently ranked ninth largest cryptocurrency, is down around 15 percent at $93, according to CoinMarketCap data.

Including BTC, XRP, ETH and BCH, sixteen of the top twenty coins on CoinMarketCap are down by between 10 and 19 percent on the day. Stark losses have hit cryptos such as Litecoin (LTC) — down almost 12 percent at $31.09 — IOTA (MIOTA) — down 14 percent at $0.33 —  and Cardano (ADA), down 16 percent at $0.04.

Dash (DASH) is down by around 16 percent at $82; Ethereum Classic (ETC) is down around 13 percent at $4.72. Privacy-focused altcoins Monero (XMR) and ZCash (ZEC) are down 10.8 and 12 percent, at $50.5 and $61.57 at press time.

Total market capitalization of all cryptocurrencies is at $128.8 billion as of press time — having hit over $147.8 billion yesterday. It nonetheless remains up from a low of $114.2 billion at the start of the 7-day chart on Dec. 18.

7-day chart of total market capitalization of all cryptocurrencies from CoinMarketCap

Earlier today, news broke that Japanese internet giant GMO Internet Group is quitting the Bitcoin mining hardware sector, after reporting an “extraordinary loss” in Q4 this year, amid the unrelenting crypto bear market.

On a more positive note for adoption, blockchain protocol TRON (TRX) passed one million user accounts this week, even as the token has not been spared today’s blisteringly red markets.

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Ethereum, Ripple Lead Altcoin Price Charge With More Than 15 Percent Gains

Bitcoin jumps 7 percent in daily trading, as many altcoins skyrocket in tandem.

Cryptocurrency markets continued their push back into the black on Dec. 24 as Ethereum (ETH) and Ripple (XRP) took turns at giving altcoin investors a timely Christmas present.

Market visualization from Coin360

Market visualization from Coin360

Data from Cointelegraph’s price tracker and Coin360 shows a return to form across the top twenty crypto assets by market cap, ETH/USD gaining almost 17 percent in the past 24 hours and XRP/USD gaining 15 percent.

Prices across major exchanges circled $149 and $0.42 for ETH and XRP respectively.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: Cointelegraph’s Ethereum Price Index

Ripple 7-day price chart

Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index

The two largest altcoins appear to be following in the footsteps of Bitcoin Cash (BCH), which in recent days has almost trebled in USD value.

ETH and BCH had both recently performed poorly, last week sinking to 18-month lows of $73 in the case of ETH/USD and all-time lows of $80 in the case of BCH/USD.

Bitcoin Cash 7-day price chart

Bitcoin Cash 7-day price chart. Source: Cointelegraph’s Bitcoin Cash Price Index

While Ethereum’s rise was not immediately attributed to a specific factor, XRP had seemingly reacted within minutes to news that crypto exchange Binance was launching two trading pairs using the coin as a base currency.

Meanwhile, prior to ETHs price rise, Justin Sun, CEO of rival blockchain platform TRON (TRX), publicly voiced his lack of confidence in Ethereum, claiming it was “slowly imploding” along with ConsenSys, a project created by Ethereum co-founder Joseph Lubin that announced mass layoffs last week.

“The 60% layoff and 90% price drop is just the beginning,” he wrote on Twitter, urging traders not to “go down with the ship.”

TRON’s 24-hour gains have so far averaged 8.15 percent.

At press time, Bitcoin (BTC)/USD was maintaining a steadily increasing trajectory, gaining 3 percent on the day to cap weekly gains of almost 28 percent.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index

The largest cryptocurrency has managed to stay above support at $4,000 since late Saturday.

On Thursday, the Bitcoin network posted the highest ever daily volumes in its history at 2,266,735 BTC ($9.54 billion), research showed.

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Teen Bitcoin Millionaire Erik Finman Proclaims Bitcoin Is ‘Dead’ Long-Term

Teen crypto star Erik Finman has said Bitcoin “may have a bull market or two left in it,” but that “long-term, its dead.”

Teen crypto star Erik Finman has said Bitcoin (BTC) “may have a bull market or two left in it,” but that “long-term, it’s dead,” in an interview with financial news site MarketWatch on Dec. 17.

Finman is famous for his precocious investment in Bitcoin back in 2011, when he reportedly bought in — at the age of twelve — at $12 a coin. The high-schooler’s $1,000 gift from his grandmother thus became over $4 million during the cryptocurrency’s 2017 all-time-price-highs. Finman sealed further fame by notoriously winning a bet with his parents — that if he became a crypto millionaire before 18, he could opt out of going to college.

In his interview with MarketWatch, the still-teenage Finman remarked, “Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last.” He gave a similarly grim forecast for Litecoin (LTC), the altcoin founded by Charlie Lee:

“Litecoin has been dead for a while. It’s like when the sun is going down and there’s that eight minute period just before it goes dark. Litecoin is in its seventh minute.”

More optimism went to “project-based” coins such as Ethereum (ETH) and anonymity-oriented token Zcash (ZEC), with Finman reserving positive comments for Bitcoin Cash (BCH) — notwithstanding its recent controversial hard fork — affirming his belief in the coin’s “ great technology.”

The teen also reportedly railed against “the hooks and lobbyists” of Wall Street; buoyed by his early success, he told MarketWatch, “I’m better at this kind of stuff than those millionaires […] They don’t know how to work the system, they’re nerds. I’m more than that.”

According to Cointelegraph’s price indices, as of press time Bitcoin is trading at $3,611 — up 10 percent on the day, but down more than 36 percent on the month. Litecoin is up over 16 percent on the day to trade at $30, but has shed over 30 percent in value on its monthly chart.

As previously reported, Finman’s quirks include allegedly going to Mexico to safely stash away the hard disk with the private keys to his crypto wallets — in the vein of characters from the popular TV series Breaking Bad. He has also spoken of plans to purchase a Lamborghini with a personalized license plate corresponding to his average grade point at high school — 2.1 — which he never completed.

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Bitcoin Price Near $3,400, Wider Crypto Markets See Another Mild Slump

After seeing a small rebound yesterday, crypto markets are again in the red, Bitcoin trading around $3,400.

Thursday, Dec. 13: after seeing a small rebound yesterday, crypto markets are experiencing another mild decline, with 19 out of the top 20 cryptocurrencies by market cap in red.

Market visualization from Coin360

Top cryptocurrency Bitcoin (BTC) has not managed to hold $3,500 support, dropping to as low as $3,406 earlier today. As of press time, the coin is trading at $3,417, down about 2 percent over the past 24 hours. The leading coin is down about 6.5 percent over the past 7 days by press time.

Bitcoin 24-hour price chart. Source: CoinMarketCap Bitcoin Price Index

Ripple (XRP), the second largest cryptocurrency by market cap, is down 1.4 percent over the 24-hour period, and is trading around 0.30 at press time.

Ripple 24-hour price chart. Source: CoinMarketCap Ripple Price Index

After growing to as high as $92 per coin yesterday, third largest coin Ethereum (ETH) has again dropped below the $90 price point today. At press time, the coin is trading around $90.30, down 1.3 percent over the past 24 hours to press time.

Recently, major Ethereum software client Go Ethereum (Geth) published new code that includes the activation time for the upcoming upgrade, or hard fork, of the Ethereum blockchain, Constantinople. The code update follows Ethereum developers’ recent decision to launch the hard fork at block 7,080,000, which is estimated to happen around Jan. 14, 2019.

Ethereum 24-hour price chart. Source: CoinMarketCap Ethereum Price Index

Bitcoin SV (BSV), the coin recently formed in a hard fork of Bitcoin Cash (BCH), is again seeing the most losses among top 20 crypto markets. The coin is down over 8 percent over the past 24 hours and is trading at $82.96. Bitcoin Cash is close behind, down almost 8 percent and trading at $95.1.

While the 20 top currencies by market cap have experienced some mostly mild losses today, the major markets have also seen a new entrant into the top 20 ranks; cryptocurrency and governance token Maker (MKR) is up a whopping 33.8 percent on the day and has overtaken ZCash (ZEC) in terms of market cap, reaching 19th place.

Total market capitalization of all cryptocurrencies has again dipped below $110 billion after touching $112 billion yesterday, Dec. 12. At press time, the total market cap amounts to $108.6 billion, while daily crypto trade volume accounts for $10.7 billion.

Total market capitalization 7-day chart. Source: CoinMarketCap

Earlier today, the Cambridge Centre for Alternative Finance reported that the cryptocurrency industry has seen the entry of 17 million new “verified users” this year. According to the study, the amount of crypto users has increased by almost 50 percent, growing from 18 million to 35 million.

Yesterday, Dec. 12, Berlin-based fintech company SolarisBank announced partnership with major European stock exchange The Stuttgart Exchange (Boerse Stuttgart Group) in order to develop infrastructure for a cryptocurrency exchange. Founded in 1860, the Stuttgart Exchange is the second-largest exchange in Germany. In May this year, the exchange launched a zero-fee crypto trading app called Bison.

Recently, Mike Novogratz, founder of crypto bank Galaxy Digital, argued that Bitcoin is “not going to zero,” comparing the current state of crypto markets to a “methadone clinic.” Novogratz explained that last year’s “speculative mania” that lead Bitcoin’s to reach almost $20,000 per coin is gone and the crypto community is “more sober now.”

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First Week of December Ends with Flush of Green, Bitcoin Nears $3,700

The crypto markets are seeing a wave of green, as top crypto Bitcoin nears the $3,700 mark after a week of lows.

Sunday, Dec. 9 — The crypto markets are showing a wave of green, as Bitcoin (BTC) trades closer to $3,700 at the end of the week, as data from Coin360 shows.

Market visualization by Coin360

Market visualization by Coin360.

After a week of breaking new year-to-date lows, the major cryptocurrency is trading at around $3,650 by press time, up more than 7 percent over a 24 hour period. The coin is still down almost 9 percent on the week and more than 44 percent on the month, according to Cointelegraph’s Bitcoin Price Index.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index.

The second-largest crypto by market cap, Ripple (XRP), is also up by 5 percent on the day, trading at around $0.31 as of press time, according to Cointelegraph’s Ripple Price Index. Ripple’s weekly and monthly charts are similar to those of Bitcoin, with losses of almost 12 and 41 percent respectively.

Ripple 7-day price chart

Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index.

Third-ranked crypto by market cap Ethereum (ETH) is up the most of the top-three cryptos, seeing almost 10 percent growth on the day and trading at around $97 by press time. On the week, the altcoin is down almost 14 percent, and is seeing losses of more than 55 percent over the past month.

Ethereum 7-day price chart

Ethereum 7-day price chart. Cointelegraph’s Ethereum Price Index.

All of the remaining top ten coins on CoinMarketCap are seeing green, with EOS (EOS) showing the most gains on the day, up 15 percent and trading at around $111 to press time.

Only Bitcoin Cash SV (BSV) — a branch of the Nov. 15 Bitcoin Cash (BCH) hard fork — is in the red, down more than 2 percent over a 24 hour period and trading at around $97.37 at press time. BSV had been ranked fifth yesterday, Dec. 8, but is now in the eighth spot on CoinMarketCap. BCH is now ranked fifth, up around 8 percent on the day and trading at about $111 by press time.

Total market capitalization of all cryptocurrencies is at around $115 billion as of press time, up from its Dec. 7 weekly low of just under $104 billion.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap.

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Crypto Rankings Shake-up Follows Yesterday’s Market Crash as Bitcoin Stays Around $3,400

After seeing another big sell-off, crypto markets are trading sideways, with total market cap hovering around yesterday’s levels.

Saturday, Dec. 8 — Amid a new collapse in the crypto markets yesterday, cryptocurrency ranks are continuously changing as various coins overtake each other by market capitalization. While green prevails among a number of top 100 coins, the markets are trading sideways, with the total market cap hovering at the same levels as yesterday.

Market visualization from Coin360

Bitcoin SV (BSV), Bitcoin Cash’s (BCH) hard fork that had been ranked fifth yesterday on CoinMarketCap, is now down on the list, with major stablecoin Tether (USDT) having taken over both BSV and Bitcoin Cash. Tether’s market cap now amounts to over $1.8 billion, while BCH and BSV are almost equal with market caps of around $1.8 billion, also trading at an equal price of around $100 at press time.

Recently, the Winklevoss twins’ crypto exchange Gemini announced the listing of Bitcoin Cash custody and trading, adding that their platform will “only be providing support for the Bitcoin ABC network.”

Top 7 cryptocurrencies by market cap. Source: CoinMarketCap

Bitcoin (BTC) is slightly down about 0.7 percent and is trading at $3,399 at press time. Yesterday, Dec. 7, the major cryptocurrency plunged to as low as $3,280, hitting a new record of its lowest price since August 2017. With a current market share of almost 55 percent, Bitcoin has been trading around the $3,450 threshold over the day.

As Cointelegraph reported yesterday, Bitcoin’s further lows have taken place following the recent decision of the United States Securities and Exchange Commission (SEC) to delay its reconsideration of rule changes towards the first national Bitcoin exchange-traded fund (ETF) from investment firm VanEck and blockchain company SolidX.

After the announcement, SEC’s relatively pro-crypto commissioner Hester Peirce advised to not “hold your breath” over the ETF approval, claiming that it can take “20 years from now or it could be tomorrow.”

Bitcoin 24-hour price chart. Source: CoinMarketCap Bitcoin Price Index

Ripple (XRP), the second cryptocurrency by market cap, is down around 1.7 percent over the past 24 hours, trading at $0.29 at press time.

Ripple 24-hour price chart. Source: CoinMarketCap Ripple Price Index

In contrast, Ethereum (ETH), the third top cryptocurrency by market cap, is up around 3.8 percent, trading at almost $90 at press time. The major altcoin had dropped to a double digit threshold yesterday for the first time since May 2017.

Yesterday, Ethereum core developers agreed to launch the coin’s long-awaited Constantinople hard fork at block 7,080,000, which is estimated to happen after Jan. 14, 2019.

Ethereum all-time price chart. Source: CoinMarketCap Ethereum Price Index

Ranked eighth by market cap, EOS (EOS) is seeing some of the biggest losses among the top 20 coins by market cap. The coin is trading at $1.67, which is a drop by more than 43 percent over the week.

While the markets are attempting another consolidation, some cryptocurrencies have managed to see some sufficient growth over the 24 hour period. ZCash (ZEC) and Dash (DASH) are up the most among top 20 cryptos, both having seen growth by more than 7.5 percent and trading at about $57 and $67 respectively, according to CoinMarketCap.

Total market capitalization is equal to $107 billion at press time, seeing a slight drop over the past hour. Earlier on the day, market cap had dipped to as low as $103 billion, which is the lowest record since August 2017 — similar to Bitcoin’s price dynamics. Daily trade volume amounts to more than $16 billion.

Total market capitalization chart. Source: CoinMarketCap

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Crypto Markets Meet December in Green, Bitcoin Trades Above $4,200

Crypto markets go green on the first day of December, with Bitcoin breaking and holding the $4,200 threshold.

Saturday, Dec. 1 — Crypto markets have seen a substantial influx on the first day of this winter month, with all top 20 coins by market cap firmly in the green, according to CoinMarketCap.

Market visualization from Coin360

Following multiple plunges below the $4,000 threshold yesterday, Nov. 30, Bitcoin (BTC) has managed to finally hold $4,000 support today. The major cryptocurrency is now trading at $4,202, up 4.5 percent over the past 24 hours to press time. Bitcoin is down around 1.9 percent over the week, according to data from CoinMarketCap.

Bitcoin price 7-day chart. Source: CoinMarketCap Bitcoin Price Index

Ripple (XRP), the second cryptocurrency by market cap, is seeing milder gains, up around 3 percent over the past 24 hours and trading at $0.37 as of press time. The coin is seeing considerable losses over the week, down more than 7 percent.

Ripple 7-day price chart. Source: CoinMarketCap Ripple Price Index

TRON (TRX) and NEM (XEM) are seeing the biggest gains among the top 20 coins by market capitalization. TRON, ranked 11th on CoinMarketCap by press time, is up 6.5 percent, also holding a significant grown over the week — more than 11 percent. NEM is up 7 percent, seeing around 5 percent gains over the past 7 days.

Bitcoin Cash’s (BCH) hard fork, Bitcoin SV (BSV), is seeing a massive increase over the past 7 days, up more than 45 percent over the period. The hard forked cryptocurrency is ranked nine on CoinMarketCap and is trading at around $94, seeing a small growth over the day — around 0.1 percent.

Total market capitalization has seen a marked increase over the day, having spiked from around $129 billion to as high as the current $137 billion. Daily trade volume has been stable over the day, accounting for $16 billion, while seeing a small drop to $15 billion at press time.

Total market capitalization 24-hour chart. Source: CoinMarketCap

While the markets have taken another dip recently, Bitcoin fundamentals, such as cost per transaction and number of transactions, have increased, as noted by crypto evangelist Anthony Pompliano, a partner at crypto investment firm Morgan Creek Digital Assets.

In yesterday’s post, Pompliano emphasized seven fundamentals of Bitcoin, pointing out the increasing number of Bitcoin wallets as well as the growth of the amount of daily confirmed transactions.

The crypto believer also stressed the increasing power of Bitcoin’s hash rate, claiming that it has almost “quadrupled in the last year or so,” while the number of Bitcoin nodes has been 98 percent up over the last two years, the expert said, citing data from Bitnodes.

Concluding his analysis, Pompliano argued that price of a cryptocurrency is “only one measurement of value for an asset,” stating that underlying fundamentals is the main focus of the future value of the currency. He wrote:

“Don’t be distracted by the noise. Focus on the fundamentals. Bitcoin isn’t going anywhere.”

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German Private Equity Fund Targets Bitcoin Mining аs Clients Demand ‘Regulated Product’

Xolaris Service KVAG, a German alternative investment fund manager, has launched a private equity fund dedicated to Bitcoin mining.

German alternative investment fund manager Xolaris Service KVAG has launched a private equity fund dedicated to Bitcoin mining, the company confirmed in a press release Nov. 29.

Xolaris, which has undertaken various expansion measures including the opening of a Hong Kong office in July, says client demand to access the sector continues despite the downturn in Bitcoin (BTC) prices.

The fund will feature a minimum investment entry of €250,000 ($285,000), with a planned issue volume of between €30 million and €50 million ($34 million – $57 million).

“We’ve constantly received requests from professional investors to release a regulated product for the cryptocurrency sphere,” head of portfolio management Stefan Klaile said in the release.

The fund will come as a joint project with Marc Stehr, owner of an extant mining farm in Sweden, with the fund’s capital first going towards the farm’s expansion.

The decision was made due to Stehr “already having access to operational mining infrastructure,” which “demonstrably successfully produces Bitcoin.”

“This eliminates a number of risks,” Klaile added.

As Cointelegraph reported, the drop in Bitcoin prices to around $3,500 had appeared to put pay to many miners’ profitability, with China seeing mass dumping of hardware due to the crisis. Last week, U.S.-based operation Giga Watt filed for bankruptcy.

The picture remains far from one-sided meanwhile, with the government of Paraguay at the same time announcing it would endorse and support “Golden Goose,” a project to build the world’s largest Bitcoin mining farm.

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Crypto Market Stand Its Ground, Three of the Top 20 Coins by Market Cap See Gains

The crypto market stands its ground, with Bitcoin hovering around $6,400 and three out of 20 top cryptocurrencies by market cap in green.

Saturday, September 8: after a recent sell-off, the crypto markets is standing its ground today, with three of top 20 coins by market cap in the green and Bitcoin (BTC) hovering around $6,400 support.

Market visualization from Coin360

Market visualization from Coin360

After facing a sharp decline on the week, Bitcoin is holding its position on the market, down around 0.7 percent over the past 24 hours and trades at around $6,394 at press time. Yesterday, the major cryptocurrency dropped to as low as $6,354.

Weekly Bitcoin price chart

Weekly Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) keeps trading at around $210, down over 3 percent over the 24 hour period to press time.

Weekly Ethereum price chart

Weekly Ethereum price chart. Source: Cointelegraph Ethereum Price Index

Total market cap is standing its ground, currently at the $203 billion point having seen some slight fluctuations around the $204 billion point today. Total market cap had an intraday low of $202 billion and high of $205 billion.

Weekly total market capitalization chart

Weekly total market capitalization chart. Source: CoinMarketCap

After seeing a top dominance rate that surged to as high as 55.5 percent on September 6, Bitcoin currently holds 55.1 percent of the crypto markets, the total number of which constitutes 1,926 at press time.

Weekly percentage of Total Market Cap (Dominance)

Weekly percentage of Total Market Cap (Dominance). Source: CoinMarketCap

While the most of cryptocurrencies among top 20 coins by market cap are seeing slight losses, some coins have outperformed, seeing gains of over 5 percent over the past 24 hours.

Dash (DASH) is up more than 5 percent over the past 24 hours, trading at around $196 at press time. The altcoin is still down more than 9 percent over the past week, according to CoinMarketCap.

Dogecoin (DOGE), which has skyrocketed recently, is also among the leaders in terms of top 20 coins by market cap today. The digital currency is trading at $0.006 at press time, up about 5.5 percent over a 24 hour period, but at the same time almost 9 percent down over the week.

In contrast, Stellar (XLM) and Cardano (ADA) are seeing the biggest losses over the top ten crypto by market cap. The sixth top coin, XLM is down around 2 percent over the past 24 hours, trading at around $0.20. Cardano is down around 2.7 percent, trading at around $0.08 at press time.

Recently, Coinbase CEO Brian Armstrong predicted that the number of people in the crypto ecosystem will grow from the current 40 million to 1 billion in the next five years, claiming that tokens would operate together with equity as an alternative investment system.

Yesterday, Cointelegraph reported on a study by investment platform SharesPost revealing that a majority of accredited and retail investors plan to increase their crypto asset holdings over the next 12 months.

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Scattered Gains Bring Respite after Midweek Crash, But Many Alts Continue to See Losses

Crypto markets have slightly stabilized today, although many major coins continue to shed value.

Friday, September 7: after the midweek bloodbath, crypto markets have slightly stabilized today, although many coins continue to shed value, as Coin360 data shows.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) is trading at around $6,430 at press time, down just under one percent on the day, according to Cointelegraph’s Bitcoin Price Index.

Despite a bullish start to September, Bitcoin’s price decline set in this Wednesday, September 5. Since then, the leading cryptocurrency has spiralled downwards from a high of $7,391 to over $1,000 less at its intraday low today at $6,354.

The coin is now a stark 16 percent down on its weekly chart. On the month, Bitcoin nonetheless remains up by around 7.3 percent.

Bitcoin’s 7-day price chart

Bitcoin’s 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index

Ethereum (ETH) has tumbled to around $216 at press time, losing just over 3 percent on the day. As with Bitcoin, Ethereum started September strong, briefly brushing the $300 price point September 1 before this week’s price plummet.

On its weekly chart, Ethereum is down just over 23 percent, with monthly losses around 46 percent.

Ethereum’s 7-day price chart

Ethereum’s 7-day price chart. Source: Cointelegraph’s Ethereum Price Index

Among the other top ten coins on CoinMarketCap, only three are in the green, though losses are capped below 3 percent. After Ethereum, Bitcoin Cash (BCH) is down the most, seeing 2.77 percent losses on the day to trade at just under $500.  

Stellar (XLM) is the only top ten crypto to see solid growth, up 4 percent on the day to trade at around $0.207. While it still remains shy of its intraweek high at almost $0.24, XLM-BTC has seen a solid bounce back to its trading levels before the mid-week market plunge set in September 5.

Stellar’s 7-day price chart

Stellar’s 7-day price chart from CoinMarketCap

Among the top twenty coins, all assets, except for two exceptions, are seeing mixed reds and greens in the 1 percent range, showing the coins are holding steady over the past 24 hours to press time.  

Dash (DASH), ranked 12th by market cap, has soared almost 6.46 percent on the day to trade around $185.56, although it is still trading almost 16 percent lower than its value ($220.50) during early trading hours September 5.

Dash’s 7-day price chart from CoinMarketCap

The other exception among top twenty coins is Dogecoin (DOGE), ranked 20th, which is up around 6 percent on the day, capping a week of extraordinary price volatility.

Dogecoin’s 7-day price chart from CoinMarketCap

Total market capitalization of all cryptocurrencies is around $203.5 billion at press time, down over $35 billion from its intraweek high of around $240 billion.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Even as the markets tumble, fresh data from management and technology consulting firm GreySpark has found that volumes on crypto marketplaces have burgeoned in 2018, with the U.S. dollar the most actively traded fiat against cryptocurrencies.

Responding to this week’s grim market movements, crypto Twitter has actively mulled the possible impact and price correlation surrounding reports that Goldman Sachs was rolling back their plans to open a crypto trading desk. The banking giant’s CFO refuted the rumors in a statement September 6, calling them “fake news” and affirming the company’s plans were on track.