Ripple (XRP) and Ethereum (ETH) Hit 2018 Lows as Crypto Market Searches For Bullish Trend
Ripple and Ethereum Reach Low Points, Following the Trend of the Rest of the Market
If anyone has been keeping an eye on the crypto market, they have seen the downfall that it reached yesterday. Though the day began at $219 billion yesterday, it is now down to $193 billion instead, which is a loss of $25 billion.
Ethereum, one of the most popular altcoins, has sustained a hit of 18% on its own, based on the information available of CoinMarketCap. This is a drop that the industry has not seen for Ethereum since this time last year. Ripple has hit the lowest price of the year as well, down $14.33%, giving it a value of $0.26, which it has not dipped down to since December 2017. XRP has one of the biggest falls, reduced 92% from the high of $3.37. Both Bitcoin Cash and EOS have seen a 16% decline, while Cardano’s suffering has plummeted by 20%, which experts say is the biggest decline of the top 10 tokens.
Unfortunately, these losses have not just been a part of the top 10. The top 100 have dealt with a lot of loss as well. Some of the tokens with the biggest losses in this category include Ark, ICON, and Wanchain, which have lost 30.5%, 29.05%, and 27.97%, respectively. Inflation Coin, which is ranked #886, is actually down 92%, which matches a handful of relatively unknown tokens as well.
Bitcoin, the typical leader of the crypto market, has dropped down to $6,040, which it has not seen since October 2017. Still, it remains minimally impacted by the market fluctuations, even though its down by 6.5% in just the last 24 hours. The least impacted overall has been #66 in the ranking – Cryptonex – which was closely followed by Tether and TrueUSD.
Ripple’s massive price drop is probably the most surprising, considering how many innovations that they have made lately and how many high-profile individuals have spoke about their support for the project. Their association with Madonna, Bill Clinton, and others should be part of the thriving platform, but Bitcoin’s dominance in the market seems to place a barrier between the price increase and the overall progress. Essentially, which their lead in the industry, Ripple’s advancements hardly matter, in terms of revenue. Hopefully, it changes over time, due to the entry of additional investors to the marketplace.