Crypto Currencies Fall Further
The end of January continued to be bleak for crypto currency investors with prices of all major coins declining further across the board with Bitcoin also dropping below the $10,000 mark again. However the biggest loser in this scenario was the innovative crypto currency Ripple which tanked by no less than 12% overall during the past 24 hours to reach the $1.05 level from a start of $1.20. Ripple is now at levels of well below 90% of its All Time High of $3.80 achieved in early to mid-December.
Other major currencies such as Litecoin, Dash and Bitcoin Cash also declined to lower levels but in their case the drop was around 5-7% and not so marked. Litecoin hovered around the $150 mark at one point but was recovering to the $160-170 mark showing signs of a slight rally. Dash stumbled below the $700 mark and is itself more than 60% below its all-time high of $1500 achieved also in December. These coins have been struggling to hold their support levels of late and volume has been quite low too indicating a move in buying habits. This could bode badly for the future recovery of these coins in the short to medium term.
The only two currencies which showed some sort of rise over the past 24 hours were Ethereum and Ethereum Classic which demonstrated rises of around 4% but again volume is rather thin in these coins. However both ETH and ETC have been remarkably resilient of late and have not lost that much of their value being some of the best performing coins at the moment when almost everything else is down. Bitcoin Cash also demonstrated a huge fall over the past 24 hours of around 9% but has since recovered slightly and is up by around 2% to levels of just over $1500.
As already indicated, Bitcoin suffered a steep decline that saw the price drop to around $9500 at one point which is a full 100% off its all-time high of $19600 in December. This could be attributed to the announcement regarding Tether which seems to indicate that the price of Bitcoin has been artificially boosted over the past weeks.
Despite this decline, however, there were at least two significant industry announcements out of South Korea which should bode well for the flagship cryptocurrency over the long-term. First, tech conglomerate Samsung confirmed that it is manufacturing ASIC chips for a cryptocurrency mining hardware producer, which could eventually lead to a diversification of the mining industry. Second, e-commerce giant WeMakePrice added support for cryptocurrency payments, a move that should help further cryptocurrency adoption in the country.
As already stated, the Ethereum price, meanwhile, outperformed the index by about one percent, although it still fell by four percent overall. At present, Ethereum is trading at $1,134 on Bitfinex, which translates into a $111.5 billion market cap. Thus far, the Ethereum price has managed to resist plunging below the $1,100 level, but it may lose this battle if the present correction deepens.
From the other alt coins, the biggest loser was Cardano which saw a 9% drop while other coins such as NEM, Stellar and EOS also declined by more than 5% which indicates further bearishness for the market. TRON was also a huge loser, down by around *% overall and this currency has since declined by almost 30% just this week alone indicating the volatility of the crypto currency market.