Crypto Nears $100B, As BTC, XRP, ETH Post Slight Losses
Although many still expect for markets, crypto included, to undergo a “Santa Claus” rally, whereas publicly-tradable assets surge as the year climaxes, the crypto market continued to falter on Saturday, with BTC, XRP, and ETH all posting slight losses after a strong sell-off on Friday. The aggregate value of all cryptocurrencies is currently at $103.29 billion, as per Live Coin Watch, with this figure being down by $6 billion since Ethereum World News’ last market update.
Interestingly, while plunges lower often arrive on the back of an influx of sell-side pressure (volume), this most recent sell-off was backed by relatively measly volumes – a mere $5.5 billion in adjusted 24-hour volumes. Yet, the market is down nonetheless, with this recent bout of capitulation moving this asset class one step closer to the key level of psychological and emotional resistance at $100 billion.
The past few days has seen Bitcoin market dominance slightly increase, from 54.5% to 54.92% in a matter of days. Although dominance shifts often precede underlying industry shifts, this move doesn’t seem to be indicating that BTC will outperform altcoins drastically.
The past 24 hours have seen BTC, which remains in a downtrend, fail to breakout, moving lower to $3,200, the asset’s just recently-established year-to-date low. Analysts are currently looking to $3,000, which BTC has yet to breach, as a key level of support to watch in the coming days. At the time of writing, BTC is down 0.97% and has found itself at $3,200, as aforementioned.
XRP and Ether have followed close behind BTC, failing to decouple from this market’s leading asset in the recent market tumult. Ripple’s XRP, second only to Bitcoin, saw itself post a 1.62% loss, recently moving under $0.300 to $0.284 in-step with BTC’s chaotic price action. Interestingly, while the go-to asset for Ripple underperformed BTC, many still believe that XRP has copious use cases and upside.
As reported by Ethereum World News, Travala.com, a popular crypto-friendly hotel booking service, recently began to accept XRP. The service, known as crypto’s own version of Expedia and Airbnb, currently lists more than 550,000 properties across the globe’s 210 most traveled destinations. American Express, also known as AMEX, recently lauded Ripple, which has ties to XRP, for its ability to process cross-border transactions in a cost-effective, near-instant, and secure manner.
Ether (ETH) posted a similar performance to BTC and XRP, as the now third highest cryptocurrency by market capitalization is down to $83.24, down 1.44% on the day. Yet, like XRP, many still see value in Ether, as reports indicate that the CFTC may be preparing to green light futures contracts for ETH.
Although the world-renowned crypto trio posted near-homogeneous performances, altcoins were all across the board. EOS, for instance, saw a 5% gain, while Stellar Lumens (XLM) was down 6% in the past 24 hours. So, the fact of the matter is that the cryptocurrency market remains in a state of disarray.
Analyst Expects Bitcoin To Move Under $3,000
With this recent move, analysts have sought to determine where BTC – stuck between a rock and a hard place – will head next, as the single asset currently determines all of crypto industry’s fate. Speaking with MarketWatch, Nick Cawley, an analyst at DailyFX, stated that the Bitcoin price could break under $3,000 in “a matter of time”, drawing attention to the asset’s value on September 15th, 2017. During that period last year, the crypto market was reeling from China’s apparent ban on Bitcoin trading.
Regardless, Cawley noted that $2,970 is the next “target” for BTC, before adding that long-term support for the popular digital asset is situated around $1,760.