The crypto currency market continued to perform rather flatly over the past few days with Bitcoin and Ripple the chief decliners. In fact Bitcoin declined by over 5% over the past 24 hours to touch the $13,000 mark, briefly flirting with this figure as investor sentiment continued bearish after the disastrous announcements by the South Korean Justice Ministry. However by Monday morning the world’s largest crypto currency had recovered to around $13,500-13,700 although this is still a far cry from the impressive $17,000 mark reached only a week ago.
The other major faller in the equation was Ripple which after reaching a level of around $2 fell to the $1.90 and even $1.80 mark briefly dropping below that figure to eventually settle at around $1.85-88 during the same period. XRP was in the news in the past few days and a lot of negative sentiment was surrounding the crypto currency with the resultant falls affecting investors. There has been a lot of talk over liquidity levels of the crypto currency and some have predicted that it might regain the $3 mark by end of January but that seems to be far off the mark at the moment.
The only two outliers in this equation were Ethereum and Ethereum Classic which jointly reached fresh all-time highs over the weekend. The former was trading at well over $1300 – another record high level while ETC registered figures of $42 at one point, a massive 25% jump over a few hours which demonstrates the potential for this coin to continue rising to unheard of levels. Other currencies such as Litecoin and Dash had moved ahead on Saturday but fell back on Sunday to levels of around $230 and $1000 respectively with the latter also briefly dipping to below that point at around $990. Bitcoin Cash has remained flat for the past few weeks and continues hovering at the $2400-2600 level but no level of breakout is being seen.
Subsequent to the initial cryptocurrency trading ban incident, the price of most major cryptocurrencies such as bitcoin, Ethereum, Ripple, Bitcoin Cash, and Cardano plunged, recording over 10 percent in daily losses on Monday.
Although the market seemed to recover shortly after the cryptocurrency trading ban rumors were eventually quashed by the South Korean government and the Blue House, the executive office of President Moon Jae-in, the market suffered another major correction today, on January 15.
Within the past 24 hours, the valuation of the cryptocurrency market fell from $742 billion to $683 billion, by nearly $60 billion. Bitcoin, Ethereum, Ripple, Cardano, Stellar, and IOTA recorded almost 10 percent in daily decline, while smaller cryptocurrencies such as Bitcoin Gold and Tron demonstrated larger losses in value.
Even cryptocurrencies with trading volumes heavily concentrated in the South Korean market, which tend to trade with high premiums, have plummeted in value. In the South Korean market, the price of bitcoin fell by around 12 percent, while Ripple fell by 12.65 percent. However there does seem to be a recovery going on in these currencies in the past few hours. Major risers over the past weeks have seen their prices plummet with Tron now trading at just $0.07 on Binance – an incredible decline. Cardano and IOTA were also down by 9% and 7% respectively.