The cryptocurrency market cap is continuing to shed billions. One week ago the market cap was $381 billion, and today it sits at $308 billion – a 20 percent drop. Price swings in the market continue to remain unpredictable, and most major assets remain deep in the red for the day, week and month.
Bitcoin, currently ranked #1 by market cap, is down 3.6% over the past 24 hours. BTC has a market cap of $121,454,936,693 with a 24 hour volume of $5,068,770,000.
Cryptocurrency and digital currency analyst Willy Woo believes Bitcoin could fall below $6,000 in the short-term, and test both $5,700 and $5,500 respectively. He cites continuously high volatility and a volume profile cliff below $6,800 as some of the primary factors behind his prediction.
“We need more blockchain transactional activity to justify the currency price, or the price to drop to reconcile any differences. To drive up transactional activity in a bear slide is very unlikely. Furthermore, volatility is still too high. I’m looking for a sustained low band of volatility, which tends to be a signal for the end of the detox and the next accumulation phase. It’s still got some time to ride down.”
Ethereum, currently ranked #2 by market cap, is down 8.93% over the past 24 hours. ETH has a market cap of $52,077,365,060 with a 24 hour volume of $2,422,480,000.
Taylor – a smart-trading assistant that revolves around cryptocurrency – was the victim of a massive hack recently that resulted in the loss of 2,578 ETH coins. The company made the following announcement on a Medium post:
“Today, we arrived at the office and found that we’ve been hacked, and all our funds have been stolen. Not only the balance in ETH (2,578.98 ETH), but also the TAY tokens from the team and bounty pools.”
Executives are still investigating, though they are confident the hacker is the same individual (or individuals) behind the recent hacking of CypheriumChain, which saw over 17,000 ETH coins vanish overnight. This sum was collected from multiple sources and placed into a single wallet, which was then transferred to an even larger source.
Ripple, currently ranked #3 by market cap, is down 8.82% over the past 24 hours. XRP has a market cap of $21,744,397,118 with a 24 hour volume of $345,090,000.
Last week, actor and tech investor Ashton Kutcher visited Ellen DeGeneres on the set of her talk show and surprised her with a $4 million Ripple donation to her wildlife charity. Kutcher joked that most of the time, people enjoy making a big spectacle by bringing an oversized check. But he’s excited about Ripple and cryptocurrency in general, as funds show up in one’s account simply through the push of a button. Kutcher further explained that he finds Ripple “very, very interesting.”
Bitcoin Cash, currently ranked #4 by market cap, is down 10.81% over the past 24 hours. BCH has a market cap of $15,259,118,575 with a 24 hour volume of $584,166,000.
One of the biggest advantages of using Bitcoin Cash, according to investors and believers alike, is that BCH employs lower transaction fees than Bitcoin. However, it appears this gap is beginning to close, with a new report suggesting that transaction fees for the father of cryptocurrencies are at their lowest since 2011 in the last three months.
In addition, many financial analysts – including blockchain venture capitalist Spencer Bogart – claim that Bitcoin is still the major cryptocurrency buy that investors should focus on, despite heightened volatility and price swings. It is unclear if the days are numbered for Bitcoin Cash, though since its recent hard fork, the currency has been experiencing small bursts in adoption and acceptance.
Litecoin, currently ranked #6 by market cap, is down 5.85% over the past 24 hours. LTC has a market cap of $6,339,591,588 with a 24 hour volume of $304,184,000.
Per cryptocurrency analyst and author Anthony Caruana, Litecoin has experienced a series of short-selling over the past few weeks as prices continue to sink. The currency was recently integrated on the payment processing network iPayment Inc., which is opening the doors for several small and medium-sized merchants to accept Litecoin as payment for goods and services.
Senior vice president Denise Tahali on the company’s blog page:
“The payments landscape is always changing. iPayment is continually pursuing partnerships with organizations that not only anticipate these changes, but develop innovative solutions to address them.”
The global cryptocurrency market cap stands at $304.17B with a 24 hour volume of $16.87B. The Coinbase Index is currently sitting at 3279.74. Bitcoin dominance is currently at 39.93%.
The cryptocurrency market took a battering this week, and investors are again warned to remain cautious. Volatility in the digital asset space doesn’t seem to be subsiding anytime soon, and traders should only use funds that they can afford to lose.