Top Coins Record Lesser Losses Even in this Down Trend Market
Even as the crypto market undergoes a bearish crunch, most of the top crypto coins are today facing only a milder effect, as per the data from Coin360.
With Bitcoin showing a staggering record in the past few days, going below $5000 of its market capitalization value equating to a 10% fall, the Crypto industry has shown a recovery over time. Also, the top ten cryptocurrencies are seeing non-severe losses, capped beneath a 3% range. And the top twenty coins are even getting into green, as per the Coin360 data.
In this week, BTC saw a near 18 percent blow with monthly losses amounting to a grim 30.6%, according to CoinMarketCap.
Swinging between below $4,450 and $4,630, Bitcoin(BTC) is at $4517, down 0.4% within 24 hours, and has circled around the $4,500 mark. In this week, BTC saw a near 18 percent blow with monthly losses amounting to a grim 30.6%, according to CoinMarketCap.
The now second-largest ranked crypto asset, Ripple (XRP), is down by 0.3%; in the week at 1.5%, and monthly losses at around 2.7%.
Ethereum(ETH) has dropped by 2.65%, trading at $131.75 at press time. With a 23% in the red for the week, ETH has its monthly losses at 36%.
Except for Bitcoin Cash(BCH), which is down 5.8 percent to trade at $220.62- a 49 percent devaluation in the month, because of the hard fork downfall on November 15; rest of the top ten coins are seeing losses of below 3 percent.
Coinbase the US Cryptocurrency exchange and wallet provider, is bound to face a court hearing over an alleged insider trading of Bitcoin Cash(BCH) in 2017. The data of about 13000 customers were handed over to the Internal Revenue Services (IRS) of the US Govt in February this year, in connection with the case.
The rest of the coins are either falling or recovering, with a mix of red and green on the graphs. The highest growth recorded is by NEM(XEM), with a 3.5 percent growth on the day at $0.08, while the biggest drop was for Zcash(ZEC) - a 4.3 percent, trading at $82.2 IOTA(MIOTA) has also recovered significantly by 2.5 percent and is now trading at a value of $0.32.
The highest growth recorded is by NEM(XEM), with a 3.5 percent growth on the day at $0.08, while the biggest drop was for Zcash(ZEC) - a 4.3 percent, trading at $82.2 IOTA(MIOTA) has also recovered significantly by 2.5 percent and is now trading at a value of $0.32.
Lou Kerner, a partner at venture capital firm CryptoOracle has said the situation of the crypto market is astoundingly similar to the dot-com bubble-crisis of the early 2000s, when Amazon, the giant online shopping site, fell by 95 percent down its Market Capitalization value. He quoted the following: "Amazon, arguably one of the greatest companies in the history of the mankind, was down over 95 percent for over two years"
Also, the situation of today is comparable to the Bitcoin crisis of 2013.