Bitcoin loses 40% of its value, Ripple and Ethereum also suffers

02 December, 2018, 22:47 | Author: Frank Williams
  • Bitcoin searches on Google back on the rise

Bitcoin has a market capitalization of $73.33 billion and $6.78 billion worth of Bitcoin was traded on exchanges in the last 24 hours.

Receive News & Updates for Bitcoin Cash ABC [IOU] Daily - Enter your email address below to receive a concise daily summary of the latest news and updates for Bitcoin Cash ABC [IOU] and related cryptocurrencies with MarketBeat.com's FREE CryptoBeat newsletter. But 2018 is a different story.

Ripple touched its weekly high of $0.399 after falling to its lowest at $0.329 in the aftermath of the November 15 BCH Fork. After this, a number of miners turned off their mining rigs simply because the value of Bitcoin can't cover for the expenses anymore.

Of course, their actions resulted in a lower than acceptable market cap, resulting in them being delisted from the NASDAQ stock exchange. Bitcoin [BTC] fell below the $4,000 mark briefly on Sunday and is now looking to recover. "While the same can not be said for altcoins, it would be great to see them achieve similar levels of adoption and community base because a diverse crypto ecosystem offers so much more value beyond market price". It was down by 80% from its all-time high.

If you remember, that week in December saw Bitcoin surging higher, almost reaching $20,000 and setting an all-time high just before the bear market of 2018 began. As at yesterday, XRP went up by 12% while ETH was up by 14%.

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Bitcoin Cash, on the other hand, is now trading for $171.25 with a total decline of 17.16% in the 24-hour time frame, while the 7-day comparison shows a decline of 55.28%. The co-founder of CoinList, Andy Bromberg said that the recovery occurred because investors were trying to reenter the market after selling-off last week. He also added that "Today's rise is mostly a reaction to the precipitous drops last week and people thinking that may have been an overreaction". "Since the cryptocurrency market is still small, a few buyers can cause a surge in value by placing large orders".

So what is next for Bitcoin? "There are thousands of other tokens that you could argue are better but yet bitcoin continues to survive, thrive and attract attention", he said.

Bitcoin Cash SV [IOU] can be bought or sold on these cryptocurrency exchanges: Poloniex.

According to the economics and sociology graduate (from Bucknell University), "time is important because it allows institutional investors to understand the assets aren't going away and they can see their forward-thinking peers making money".

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