In the crypto market there wasn’t much to celebrate about. The struggling market experienced a pull out of more than $15 billion from its total valuation in the last 24 hours. The Christmas bloodbath came after recovery signs shown in the market. The period of Christmas is meant to bring joy to the world. But, when it comes to the cryptocurrency traders, this period has been all doom and gloom.
The struggling market pulled out more than $15 billion from its total valuation within 24 hours. In Christmas 2017, Bitcoin was trading above $14,000 and the market was booming with demand from all over the world. A similar bear occurred during the Christmas day trading session, as the market shed around $26 billion. However, the growing demand made the price rise again. Thus, in about 15 days the crypto market reached an apex valuation of $828 billion.
Bloodbath Despite Recovery Signs
Presently, Bitcoin is trading at $3,812. This is about 80 percent less than its apex value. Although, the condition of other major coins is even worse. Ethereum has gone down by 90 percent from its peak value. Ripple, the second largest coin by about 91.5 percent. However, this Christmas bloodbath came after recovery signs was shown by the coins in the past week. The recovery was triggered as the market fell and lost $102 billion in total capitalization.
Ripple And Binance Adoption Of XRP
Ripple, is one of the leading gainers in the last ten days. The coin rose from as low as $0.28 to the current value of $0.37, a 24 percent rally. This growth was triggered by many market developments. For instance, the South Korean blockchain firm Coinone’s tie-up with Ripple. It was meant for remittance transfer to Thailand and the Philippines. Also, with Binance’s addition of XRP as the exchange’s base currency.
We will be adding a couple trading pairs with XRP as the quote currency shortly.
And rename ETH markets to ALTS market. Running out of space on the UI.
— CZ Binance (@cz_binance) December 24, 2018
Bitcoin Cash, sister of Bitcoin, is another token that bounced back, and gained more than 55 percent. It was mainly triggered by Roger Ver’s public statement about Bitcoin Cash’s future. According to Cash.coin.dance, the Bitcoin Cash network has now been upgraded. Its 5461 blocks have been mined under the new consensus rules. Bitcoin Cash is currently 20.4% ahead on proof of work. It is currently 54 blocks ahead.
Tally the folks freaking out about crypto prices, and you’ll discover 95% of them got into crypto in 2015 or later.
— Erik Voorhees (@ErikVoorhees) December 9, 2018
Be aware the above scenario is contingent on a bounce upwards to test low 5000s. Currently the short term price action is consolidating into a wedge with hidden accumulation (according to the OBV indicator), this suggest there is more probability of an up move from here. pic.twitter.com/p40jgCtdZf
— Willy Woo (@woonomic) December 2, 2018