Bitcoin’s share in the cryptocurrency market reached an 11-week high late last week.
Not since mid-2017 have cryptocurrencies been so depressed. The difference back then though was that the market was bullish and full of energy, today it is the complete opposite.
Over the past 24 hours cryptocurrency market capitalization has nosedived to a new low for the year and the lowest it has been for 16 months. According to data from coinmarketcap.com markets dumped to $103.5 billion around 12 hours ago, their lowest point since the beginning of August last year.
The crash marks an astounding 87.5% decline since the all-time high of $830 billion in early January. As the exodus from digital currencies accelerates, a new low is made every couple of weeks. Another $20 billion has been lost this week alone as markets plunged a further 15%.
Since the same time last month, over half the crypto market has been destroyed with over $100 billion leaving the space. In early November market cap was over $200 billion, today it has collapsed to just over $100 billion.
The mainstream media have been all over this with stories of death spirals and Bitcoin going to zero serving little purpose but to spread more fear, uncertainty and doubt. The blame has been put on the SEC with its constant clampdown on unregulated securities but the cause is likely to be a lot more than this alone. The notion that it will not approve a crypto ETF for some time has also quashed hopes of a recovery.
Chinese miners shorting their newly minted coins have been another nail in the crypto coffin this year. As profitability decreases though, so does mining difficulty which may take some of the control away from the conglomerates and their high powered farms of ASICs.
One thing is for certain, the bears are still in full control of the crypto markets sending them lower every week. Bitcoin has been the leader of downward momentum and its failure to hold support levels on several occasions has sent it to new lows with the rest of the market following. At the time of writing Bitcoin was trading at $3,480, bouncing off a new 2018 low of $3,280 a few hours ago.
The current prediction is that BTC will level out at around $3,000 and stay there for some time before recovering. Though some merchants of doom have even suggested that Bitcoin could go down to $1,500 at which point most of the other altcoins will be practically worthless.
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Bitcoin, the world’s largest cryptocurrency by market capitalization has jumped 6.6 percent in quick succession pushing prices well above 6,600.
At 01:00 UTC, just after Tuesday’s close, the cryptocurrency rose $428 over the course of 20 minutes as it rose in a flash for the first time since July 24, 2017, according to CoinDesk price data.
Bitcoin was last seen trading at $6,750, marking roughly a 6.6 percent increase since the day’s open.
At press time, bitcoin is gaining momentum, having stalled briefly at around $6,750 before crossing the $6,800 hurdle.
Indeed, the spike in price could be attributed to investor sentiment in lieu of the fresh bitcoin ETF proposals set to be decided upon on August 23.
This potentially could be a defining moment for cryptocurrency, whereby a denial sees longer-term bearish entrenchment, while an approval sees investment from institutional investors, currently sitting on the sidelines awaiting additional regulation.
Other major names such as Ethereum, XRP, and EOS are all up between 6-10 percent, with much of the alt-coin spread coming from a sudden rise in bitcoin’s price.
The total market capitalization also rose by a total of 11 billion in one hour as a large injection of capital entered the crypto space seeking bitcoin, bringing it from 210 billion to 221 billion CoinMarketCap data shows.
Disclosure: The author holds USDT at the time of writing.
Image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
The cryptocurrency markets are once again treading on shaky volumes as the total market capitalization has dropped to $245.9 Billion at the moment of writing this. The current value is approximately $8 Billion shy of the market capitalization levels 24 hours ago. This drop in value has also seen the King of Crypto, Bitcoin (BTC), trading at the current levels of $6,115 and down 1.42% in the last 24 hours.
June 26th Total market cap levels of $253.7 Billion. Source, coinmarketcap.com
Bitcoin (BTC) had been enjoying comfortable levels above $6,200 only yesterday, June 26th. The chart below illustrates the tumultuous market activity of BTC in the last 7 Days with yesterday’s levels being highlighted.
7 Day market performance of BTC. Source, coinmarketcap.com
Many crypto-traders and enthusiasts had expected the news of Facebook easing down on its earlier total ban of crypto related ads on the platform, to increase investor confidence and further upward movement in the values of all digital assets. Facebook has reinstated particular ads on its social media platform. The platform has introduced an application process for any firm wishing to run crypto ads. This way, crypto projects and companies can prove their legitimacy including any licenses they have obtained, trading information and other relevant information that might be required.
However, ads promoting binary options and ICOs are still banned on the platform.
The Facebook online application clearly states that:
Please note, we reserve the right to deny any application or withdraw eligibility at any time without notice. Eligibility may be subject to such conditions and restrictions as Facebook may decide. Advertising must comply fully with all applicable terms and policies, including the Facebook Advertising Policies. Facebook may review and reject ads in its sole discretion.
Another reason for the decline in the crypto-markets could be that we are yet to reach a bottom with BTC. Analysis by veteran digital asset analyst, Willy Woo, had indicated that the price of Bitcoin (BTC) would test levels below $6,000 before any signs of recovery can be seen in the markets. In particular, Mr. Woo had highlighted the levels between $5,500 and $5,700. BTC recently reached levels of $5,800 on Sunday the 24th of June.
This then implies that we could be headed towards a few more days or even weeks of crypto market uncertainty with bouts of sporadic decline. But one thing is common with all the analysis being put forth in the crypto-verse: that a market recovery is eminent this year.
The big crypto sell-off has continued this weekend as red Sunday sees Bitcoin fall to its lowest level this year.
A big psychological barrier was broken a couple of hours ago when Bitcoin plunged below $6,000 for the first time in 2018. Analytics website coinmarketcap.com is reporting a 3.7% fall on the day for Bitcoin which has dropped its price to $5,900 at the time of writing. Almost $3 billion was wiped out from its market cap in just two hours. Currently BTC market cap is just over $100 billion, also its lowest level this year.
The previous low point for Bitcoin this year was on February 6 when it dropped to $6,170. The last time Bitcoin was trading below $6k was in October 2017 however markets were largely bullish back then. Analysts have been predicting a fall to around $5k but that has now been revised lower as there is a real possibility of Bitcoin going back to mid-2017 price levels.
As has been witnessed countless times all of the other cryptocurrencies have been dragged down with it, many even further suffering big losses in double figure percentages. Ethereum is at its lowest level since April 7 when it dropped to a yearly low of just below $370. At the moment Ether is down 5.3% on the day to $442, back to trading levels in early December.
The two biggest losers of the day have been EOS and Ontology. The EOS mainnet launch did not quite go as well as planned with several issues resulting in the questioning of its decentralization, or lack of it. Currently EOS has lost 12.7% in 24 hours and is trading at $7.35 according to CMC. Likewise Ontology has taken a big hit and dropped 15% to $4.36 on the day. New comers Populous, Zilliqa and Aeternity are all down by over 14% since yesterday.
All other altcoins are also falling fast and many of them are reaching price levels not seen since late 2017. The total capitalization for all digital tokens is at its lowest point of the year right now. Falling to $242 billion markets have lost 14%, or $40 billion, since last weekend. Over the past month almost $100 billion has left the crypto scene and markets have plunged over 27%.
We are now in the third dip of the year, and the deepest so far. The big question remains; are we at the bottom yet?
There is no denying that no day goes by without seeing a Ripple (XRP) news article or a price prediction for the coin that has lots of HODLers excited with the prospect of making huge returns by the end of the year. A year ago on this same date, Ripple was worth a meagre $0.031 in the markets. Considering that XRP is currently trading at $0.842, this is an amazing ride for the once little coin in the markets. The percentage gain in the past 12 months is an amazing 2,632%.
This type of gains are only unique in the Crypto-verse and many HODLers expect a similar performance by Ripple in the markets this year and heading into 2019.
One thing to note is that the market share of the coin has increased from levels of 5.3% of the Crypto market in December last year, 2017. Current market analysis now puts Ripple at occupying an 8% market share with XRP’s current market cap of $32.99 Billion in comparison with the total market cap of the crypto markets that stands at $414.22 Billion at the moment of writing this.
This gain in terms of slight dominance can be attributed to XRP showing more promise in the markets. The market action of the coin has seen it double in a month from levels of $0.44 to a recent high of $0.95. XRP is currently trading at $0.84 after a slight correction in the markets during the week. What is highly awaited, is the breaking of the current resistance levels XRP is experiencing at around $0.87. This will then lead XRP to the current promised land of $1 per XRP.
To add to the above market momentum, is the constant news of Ripple technology being used to solve real life problems. Ripple’s xVia promises to solve the payment system issues experienced by financial institutions and businesses when attempting to settle transactions fast in an equally fast paced 21st century.
“By providing a standard API solution, xVia lets companies that want to send payments — payment providers, digital wallets and other corporates — quickly scale their businesses, differentiate their services and address their customers’ unique needs. The individuals and businesses that rely on them can send payments faster and cheaper anywhere in the world.”
In a nutshell, the crypto-verse is constantly watching Ripple developments on and off the markets. Some believe the coin is on its way to dethroning Bitcoin (BTC) from the top slot in terms of market capitalization and dominance.
The market has sort of stabilized at the current total market cap of $266.4 Billion. The recent lows of $246 Billion that were witnessed around April 6th, have seemed to fade away gradually. But we are not out of the woods yet. Bitcoin (BTC) is still under $7,000; Ethereum (ETH) still under $400; Litecoin (LTC) still having difficulty breaking $120; and Ripple (XRP) has gone below $0.50.
The one possible chance of a rebound, is the prediction by Thomas Lee, that the markets will most likely recover after the American Tax season is over on April 15th this year. His estimate is that by April 17th, we shall see some upward movement of the prominent Bitcoin. What we all know and observed with time and experience, is that once Bitcoin (BTC) goes up, the rest of the market follows suit.
Perhaps that is why the $1 per Ripple (XRP) is the latest prediction to hit the Crypto-verse. This is despite the debate going on about whether Ripple is a security or a Cryptocurrency. From being an actual trader, I would like to defend that it is a cryptocurrency. It is also 100% decentralized. The only thing that might look centralized, is the lockup of 55 Billion XRP in Escrow last year to ensure certainty of supply.
Going back to Thomas Lee and his prediction of a BTC at $25,000 by the end of the year, it is possible that $10 per XRP is within grasp as the market recovers from the current uncertainty, and by the end of the year.
Also to add, is the $24.48 Bullish prediction of XRP after the current crash of Bitcoin that started in January and yet to fully bottom out. This price prediction is based on the ever increasing XRP partnerships. These partnerships include: Santander, Moneygram, Western Union, Global Central banks, LianLian International, RBC Bank and more.
Another thing to note with this prediction is that it states XRP has been undervalued since inception. There is also the speculation of XRP being backed by Google. There is also the speculation of XRP partnering with Amazon and Uber sometime this year.
Moving forward, there are only 2 things an XRP trader can do. He or she might HODL or keep stocking up on XRP anticipating the above events.
Headlines continue to be filled by the likes of Bitcoin, Ethereum, and cryptocurrency as a whole. The latest wave of digital currency craze has led to major inflation of values across the board. As a result, crypto’s total market cap has surpassed the $300 billion market cap only weeks after first surpassing $200,000,000,000.
Concerns about whether or not the cryptocurrency “bubble” is escalating too fast, but the only thing known for sure is that the past few months have seen a remarkable increase in value to a range of tokens in addition to the accompanying blockchain technologies.
The major players in the market (Bitcoin, Ethereum, Litecoin) have all seen astronomical rises. In addition to the regular names, tokens like Ripple, IOTA, and EOS are gaining more traction amongst all traders. Well-rounded growth is perhaps the most important aspect of whether or not digital currencies can be viewed as a viable option moving forward, or something that may fall after the short-term.
Bitcoin stands as the most valuable and most recognizable digital token to date. New investors regularly start with the primary player before branching into newer, more unknown technologies. Carrying over half of the market cap, the total growth is unsurprising as bitcoin itself nears a $10,000 valuation per token. The rapid expansion almost seems tied to buyers’ desire to see the value hit certain benchmarks, but the reasoning is hardly necessary for those buying and selling their way to a profit.
Concerns regarding the unsustainable growth of bitcoin are certainly warranted given limited practical use of the token at present. Future projections and valuations come from expected growth in utility on a day-to-day basis. More and more businesses are looking at cryptocurrency as a valid means of payment, but that remains nothing more than conjecture. The rise in value does come with the accompanying excitement and expectation from investors. Social expansion that is remarkably unprecedented when many futures did not see bitcoin reaching the $10k mark until December of 2018.
The general public’s interest in cryptocurrency holds a broader scope than one token. When the total market cap was hovering over $200 billion, bitcoin held nearly 60% of the total market. Now, at over $300 billion, BTC’s influence is below 55% despite its own rise in value. Excitement and utility for blockchain technologies and their respective tokens is seemingly universal as opposed to a handful of select tokens like in the past.
Major names Bitcoin, Bitcoin cash, and Ethereum still account for over two-thirds of the market, but a less monopolized outlook is promising for cryptocurrency. A select token may be the first to break through as a valid currency, but it cannot be expected to hold without the utilization of other options. Owners should be weary of the idea that this sudden rise in value will be met with a sharp drop like in months past, but the overall positive trend of so many tokens promises some sort of return for the majority of investors.
Cryptocurrency remains in the news with new all-time highs in total market caps and individual trading prices. Complete market capitalization has finally surpassed $200,000,000,000 with future growth nearly guaranteed. The crypto-market opened the 2017 calendar year at just $40 billion. The 500% market growth shies in comparison to the rapid ascension of the individually leading currencies:
|Currency||Current Value ($)||1/1/17 Value ($)||YTD Growth (%)|
The cryptocurrency market (and related blockchain technologies) has ascended into some of the most attractive investing sectors over the past 18 months. New financial interests have resulted in this rapid increase in market value and the resulting market cap. Many of the leading figures within the market have seen marginal increases in their own valuations across the same time span.
- Global Blockchain Technologies Corporation opened the year at $0.31 and holds a current value at $1.98.
- Bitcoin Investment Trust rose from $116.75 to a present $843.01. The 722% rise comes eve after a drop in value over the past couple weeks.
- Riot Blockchain Incorporated entered 2017 at $3.82 and has nearly doubled to its holding of $6.95.
Expectations are that the market cap will see a subsequent fall in value. Increases in values peaked twice earlier this year before seeing major devaluations over the next month. June’s peak at $116 billion was followed by a trough at $67 billion in July. September’s record high of $177 billion was met with a drop under the $100B mark just two weeks later. The present market cap has already dropped from a high point of $212B. It remains unclear how far it will drop in the coming weeks, but a subsequent rise would match the calendar year’s regular trends.
A growing number of investors within the market means future growth is essentially inevitable. Companies such as Vemanti, who recognize favorable markets, have expressed growing incentive to become financially involved within the market.
Target cryptocurrencies are constantly changing given the fragility of daily values. AlphaCoin, Antonio, Mercury, EarthCoin, and Nuls lead recent favorites with values greatly exceeding their starting prices.
Bitcoin Investment Trust will continue to be a major figure in the market with the launching of its third investment vehicle – Zcash Investment Trust. Securities invested specifically in Zach will provide shareholders and prospective investors with more efficient, more convenient workings compared to prior ZEC investing.
Overstock similarly broke into headlines with the accounting of their third quarter earnings for 2017. The company reported net incomes of nearly $5.9 million. A major factor in the quarterly performance was the gain on sale of both metals and cryptocurrencies. This represents more than 450% in income growth compared to 2016’s 3Q.
Similar stories have and will continue to emerge from related companies who have placed a greater emphasis on the crypto-market. Increasing numbers of investors will lead to the continued growth of the market cap, and a similar rise in cryptocurrency value over the long-term.
Hello Mr. Dimon, how are you?
Bitcoin rocketed new record high at about $5,800 and there appears to be no stopping it right now.
Bitcoin is worth more than gold! What!? One Bitcoin is 5 times more worth than ounce of gold!
Unprecedented growth of almost 900 percent in the space of just a year, exceptionally long bull market. It would be no surprise to anyone if it hits $10,000 very soon.
At this historic moment for Bitcoin, blockchain, and global cryptocurrencies community, Bitcoin market cap exceeds $90 Billion and is rapidly reaching another milestone of $100 Billion, surpassing the market cap of Goldman Sachs as the second largest investment bank in global financial market.
Bitcoin volumes are soaring in almost every nation state, but exceptionally in Japan where Bitcoin fever is reaching boiling point, making people feel that they are missing the boat on this enormous opportunity stricken currency, feeling jealous about early adopters who made money out of it.
So the market capitalization of overall digital currencies is almost reaching $200 Billion.
Of course as predicted by many top world financial analysts, strategists, during last several months predictions are that Bitcoin will be the best performance asset, outperforming stocks, bonds, gold, luxury investments…
Bobby Lee, formerly the top executive stock strategist at J.P.Morgan published a report in early July outlining the potential for Bitcoin to rise above $20,000 and with a chance to reach $55,000 by 2022. I think Bitcoin is an undervalued asset with potential of huge institutional sponsorship coming along.
So the predictions still hold and as it seems we will soon witness, maybe during the next year, Bitcoin price will reach such an amount that in overall capitalization cap to surpass even famous commercial bank Citigroup and in mid-term also the mammoth JP Morgan bank!
On CNBC’s Fast Money, Lee emphasized that he sees the Bitcoin price reaching $25,000 by 2022, after refuting claims from bank executives such as JPMorgan CEO Jamie Dimon that Bitcoin “is a bubble.” Lee stated:
“There are only about 300,000 holders of at least $5,000 of bitcoin. And that is why, for instance, to make a fraudulent transaction on bitcoin today, it would cost almost $30 billion to create one fake bitcoin.”
Estimated overall capital market is valued about $200 Trillion in cash, stocks, bonds, gold. Cryptocurrency market just set a new record of $200 Billion, but still this is a tiny, tiny fraction of the overall capital market. It’s not hard to see a big picture of huge potentials for gaining and expanding for Cryptocurrencies, to likely increase 100 times in value.
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