Opinions

Coin Prices Fall Results in Crypto Market Loss

As a study shows, the prices of crypto assets have gone down recently which has resulted in a $5 billion loss to the crypto industry as the top coins have suffered a loss between the percentage range of 3 to 7 on January 21st, 2018.

Among the sufferers, the flagship cryptocurrency, Bitcoin has also seen a major downfall in its prices as it goes down by 4%, lowering its value from $3,755 to its current price now recorded at approximately $3,570.
The digital currency had a pretty bad previous year, seeing its price mostly dropping in the crypto market which became a major concern for the digital currency. Experts also predicted another price drop for the cryptocurrency before any major uplift in this year and that seems to be happening now since a 4% drop was recorded today.

Moreover, the largest altcoin, Ripple (XRP) also saw a bit of a drop shredded at 3.4% with its price recorded at around $0.317 today. Ripple has taken over Ethereum as its market share currently stands at $13 billion while Ethereum’s market share lies at $12.2 billion.
Today’s price drop saw almost all the top coins suffer as their prices dropped notably. Similarly, Ripple experienced a price drop of about 2.4% recorded weekly but the monthly statistics are even worse for the cryptocurrency, dropping by 13.6%.

Crypto Garage, a Japanese fintech start up announced on its official website that the start up received approval from the Japanese regulatory authorities for its Bitcoin settlement using Blockstream’s Liquid Sidechain which indeed was the very first project in this space to get a go ahead from the Japanese authorities.

As things were starting to get better for the second largest altcoin, Ethereum (ETH), the cryptocurrency went down by 5% and its price is now noted at $117. Not long ago, the digital currency saw an improvement in its price when it went above $130, recorded on the 15th of January, 2018 but the downfall of prices of digital currencies in the crypto market has brought Ethereum back to its previous price scale, a drop of almost 1% was seen in a week’s time. However, if we consider the cryptocurrency’s market position on monthly basis, we see a 2.17% increase in the price of the cryptocurrency.

Unfortunately, other top cryptocurrencies have all shown negative signs in the crypto market as they faced prominent losses ranging from 2% to 8%. The cryptocurrency affected the most by the price fall is Maker (MKR) which currently sits on the 20th position among the top 20 digital currencies with a loss of approximately 8.13% noted. Litecoin (LTC) is the 8th largest cryptocurrency whose price fell for around 5% and the 11th ranked cryptocurrency, Cardano (ADA)’s price decreased by 4% as of today. In contrary to these cryptocurrencies who suffered losses in the crypto market, a digital currency saw an increase in its price by 2.86% which is Tron (TRX), the only digital currency in the list of the top 20 digital currencies that profited on the day.
The crypto market as a whole experienced a 4.3% downfall today as the total market capitalization of all cryptocurrencies is recorded at $119 billion but is still unaffected in terms of weekly analysis.

Bitcoin investor, financial analyst and a co-founder and CIO at Altana Digital Currency Fund (ADCF)- an open-ended fund investing in cryptocurrency related projects, Alistair Milne held the opinion on the matter that the following crypto market crash would be a test for the cryptocurrencies that will direct which of them will be here in the longer run and as the financial analyst put his faith on the flagship cryptocurrency, bitcoin, he said:

Mr. Milne believes that the digital currency will come out strong of the bad times and the chances of that not happening are unlikely. Thus, the most recent price drop indicated losses for almost all the top digital currencies in the crypto space however, experts are certain that bitcoin will surely stay in the space for an indefinite amount of time despite the market crash that is yet to follow.

Jaudat Sulehri

A management student, sports enthusiast and a writer. Jaudat gives his insights on the cryptocurrency in the world of trade and blockchain technology in particular. He also holds investments in XRP and BCH. Contact the editor at editor.opinions@blockpublisher.com

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