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Bitcoin, XRP, ETH, Litecoin, XLM – the whole market crashes, why?

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In the past 24 hours, the crypto market has found itself caught in a big bloodbath resulting in the loss of more than $26 billion, making it one of the most extreme losses and daily sell-offs this year.

At Nov 14, 2018, 22:41 UTC, the price of Bitcoin was at $5,525.92 – which is noted to be one more than a 12% loss – it shows the volatility of the crypto-market but in connection to the downside. Continuing with its decline, at the time of writing, BTC has dropped even a bit further to $5,501.

It is important to know that this is the first time in more than a year the total market cap of Bitcoin moved underneath the $100 Billion mark. However, in the last twelve hours, the total market capitalization of cryptocurrencies fell from $210 Billion and it is now at $184 Billion.

Due to the drastic fall of Bitcoin, other cryptocurrencies such as Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Stellar (XLM), etc., followed suit recording falls of about 10% or more.

In the course of the current cryptocurrency carnage in the market, XRP has overtaken Ethereum by market capitalization as the second largest digital asset in the space by market capitalization, according to coinmarketcap.

Only the stable-coins like Tether are still trading in the green. Tether and other stable-coins have been projected to trade steadily against USD. At the time of writing, USDT is trading at $0.981804.

What Caused The Recent Crypto Bloodbath?

The recent drop in the crypto market has been attributed to a lot of factors which includes the forthcoming Bitcoin Cash fork and a feud between Bitcoin Cash developers.

BCH recorded the highest loss out of other digital assets in the space by 19%. The cryptocurrency was created last year with the aim of producing a crypto coin better and faster than Bitcoin. At the moment, there seems to be a dispute within BCH developers (the creators of Bitcoin Cash (BCH) as Jihan Wu (a developer of Bitcoin Cash) supports Roger Ver’s faction (another Bitcoin Cash developer community).

It has been reported that Wu wants to rival Craig Wright, due to the fact that Craig Wright intends to make some updates to the software of Bitcoin Cash. It is important to know that only 3 factions in the developer community support the Wright’s model of Bitcoin SV. Surprisingly, BITMAIN has been included in the dispute.

Jihan Wu stated this towards the dispute:

Many have blamed the current recent dip on the end of BTC’s future – no doubts, this type of notion do have bad effects. Moreover, it may be one of these factors or a combination of all, that has contributed to the current crash. John McAfee tweeted a couple of minutes ago:

Nevertheless, there are good indications that despite the massive dip, there is stability in the ecosystem of the crypto-market. Overall, the upcoming fork is keeping its enthusiast at alert, and one of them stated in recent hours that it is making the crypto-market healthier.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Caio_Triana/Pixabay

Altcoins

STEEMIT Running Out Of STEAM?

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Has Steemit seen its glory days run dry? There have been many rumors that the CEO Ned Scott has pushed the company to the blockchain focus that he forgot about Steem being a social media platform. Now, these are just things some of the former employees have been heard saying, but it is a rather interesting take as to what is going on. Give the following video a watch where I break down what is happening with Steem. I also give my thoughts on what may happen to other large ICOs and how we may see this trend continue as we have seen with ConsenSys laying off 10% of their workforce.

If the big name projects are starting to do this will it also have a trickle-down effect on other ICO’s which have no products and are running out of cash? I definitely think so, and I also see this negatively affecting Ethereum for the mid-term. The question many have been asking is just how long can the bottom 1800 projects last with the current market conditions? How many ICOs did not liquidate their Ethereum and now are stuck with 1/10th the cash flow or more in some cases, how will they pay to continue operations? What about the growing number of projects laying off employees…

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Altcoins

The Three Biggest Problems with Crypto

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In this bear market, everybody’s asking the same questions. Why is Bitcoin falling? When will the market turn around? Is this the end of the crypto boom?

However, before we can answer questions like these, we need to step back and do an honest appraisal of where our industry stands and what is really holding it back. Despite its growing popularity, cryptocurrency still struggles to gain mainstream appeal. While crypto has managed to distance itself from the early days, when it was used to buy illegal goods online, the currency still conjures up negative feelings for a lot of people unfamiliar with the technology — and all too often, for good reasons.

Cryptocurrency is still relatively new, which means that many casual users are still exploring different ways to use crypto in their day-to-day lives. Unfortunately, this lack of knowledge leaves a lot of users vulnerable to scammers seeking to take advantage of their ignorance and inexperience.

We’ve contacted various types of people within the crypto community, surveying newbies, traders, investors, and professionals, asking what the biggest problems in crypto are. We found there to be three major problems holding the industry back:

Scammers

Failed projects

Immature technology

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Blogs

Is Crypto a Bubble?

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A lot of people are wondering if the whole crypto phenomenon is nothing else but a bubble. We’d say it would be a fair question except that these people asking it have been skeptics from the very beginning, so they’re not really assessing the market on its own right and performance but just singing the same old song.

We believe that the current market conditions do not justify the notion of crypto as a bubble and we’ll explain to you why.

First, we start by reviewing a bit of market dynamics. Every market, every asset, every currency develops in cycles that repeat over time. Each cycle is comprised of four different stages called “phases”:

  • Stealth
  • Awareness
  • Mania
  • Blowoff

It all starts at Stealth. A new stock, asset, or cryptocurrency hits the market. Nobody knows anything about it so nobody pays any attention to it or tries to buy it. The price is slow and it stays very much the same until the market becomes aware it’s there. Hence the name for the following phase.

As the market realizes this new thing exists it starts to pay attention to it and to buy it, so it takes off, the price rises steadily until it faces its first sell-off. The price drops a little. Then something else happens. The media pays, at last, attention to this hypothetical…

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