The market cap of most of the cryptocurrencies is in the billions. The total market cap is around $ 308 billion. Approximately 10 days back, it was around $ 380 billion. This indicates a drop of almost 20%. This is because most of the cryptocurrencies are falling drastically. In addition to that, cryptocurrencies remained pretty volatile. As a result, investors are not investing in cryptocurrencies significantly. We will today look into some of the performances of these cryptocurrencies.
Bitcoin is down by approximately 3% in the last 24 hours. It is down on heavy volumes. Currently, it is trading around $ 7400. Many analysts actually believe that in shorter term, it can head to as low as $ 6000 as well.
Ethereum is down by approximately 9% in the last 24 hours. Also, the volumes have been pretty significant as well. Taylor which is a smart trading Asst for cryptocurrencies recently suffered from hacking attempt. As a result, it lost a significant amount of ether coins. This is the reason why Ethereum is falling.
Ripple is down by 9% in the last 24 hours. Also, Ripple is actually being widely used as well. In spite of that, it is consistently falling.
Bitcoin Cash is down by 11% in the last 24 hours. Currently, it is trading significantly lower than $ 1000. That is why it has lost that support as well.
Litecoin is also down by 6% in the last 24 hours. Currently, it is trading around $ 111.
As you can see, most of the cryptocurrencies are trending lower. As a result, the market cap of cryptocurrencies is also moving downwards.
Thus, when you look at the cryptocurrencies you will realize that they are significantly lower. This is one of the main reasons why investors are also keeping away. Moreover, the volatility is on the higher side. As the volatility is on the higher side, nobody is risking to venture in the current market. If at all, traders are trading, they are trading the cryptocurrencies on the short side. As a result, the pressure on the downside is increasing significantly for most of the cryptocurrencies.
It remains to be seen whether cryptocurrencies are able to recover from the current downtrend or whether the current downturn increases even further in the coming few weeks. Keywords: Bitcoin, Ripple, Bitcoin Cash, Ethereum, Litecoin