Bitcoin Fever Cools as Price Dips, Crypto Market Sheds $9 Billion
updated on:6 Dec 2020
After a brief episode of Bitcoin euphoria and an all-time high price, the crypto market is on the come down today.
The top 10 crypto assets by market cap registered losses today ranging from a minimum of 2.23% for Bitcoin Cash to about 9.6% for Ripple’s XRP. All in all, the crypto market has lost about $9 billion in the last 24 hours.
But despite the correction, Bitcoin investors are still in good shape, with the coin trading sideways inside a steep bullish channel for the last five days. The equilibrium started with a rise on Nov. 30 and a correction the following day. Bitcoin is currently trading right around $19,000, and while it’s no all-time high, hodlers are likely still feeling pretty good about a 162% increase year-to-date.
Not even news of a proposed bill that would seek to regulate stablecoin issuers like banks was enough to panic the market. Instead, crypto assets saw a slight bump which led to Bitcoin trading at close to $19,500 yesterday.
If Bitcoin continues on this path, trading support for the asset could be somewhere around $17,800—meaning traders could feel fairly confident that the coin wouldn’t fall below that price in the short term.
Ethereum 2.0? Meh, says the market
Meanwhile, things are not looking too good for Ethereum prices. The bulls, it seems, were unable to keep the pre-Ethereum 2.0 party going for too long. Those party-pooping bears have taken over, with ETH dropping shortly after the initial release (“Phase 0”) of ETH2: the price of Ethereum dropped from its yearly high of $636 all the way down to $563 in 24 hours.
It took ETH two days to recover, closing on Dec. 3 with a green candle at around $616.
But as of today, Bitcoin's fall dragged Ethereum back into the depths. Each token is trading at $589 at the moment, canceling out the previous two days' profits.
The XRP Rollercoaster
But that sort of up and down is nothing compared to what the enthusiasts of the world’s third largest crypto asset by market cap have experienced lately. XRP traders have been on a roller coaster ride for the last 30 days.
fter a stable period, the Bitcoin rally served to catapult Ripple's token to annual highs. The surge was so dramatic that XRP went from being the worst investment of the previous two years to becoming the best performing cryptocurrency of 2020.
But the glory was short-lived. After a day that was almost entirely flat, XRP today recorded a 9.8% drop from the previous day, going from $0.6 to $0.55.
However, those XRP true believers who are in it for the long haul can still boast of having recorded substantial gains this year. Right now, XRP price is up 10.67% over the last seven days.
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