Cryptocurrency Market Experiences Halt in its Upward Movement

The major cryptocurrencies like the Bitcoin (BTC) or the Zcash, all in the league, tripped by various numbers, while Christmas was around. Predictably, the want for these currencies was on a high, and their business was done on a marginal rise.

A minimal change of even 2% is also significant as it makes a difference of $30 when the Bitcoin rates are at this height. The Bitcoin price was expected to touch somewhere around $4,000 when the week started, but eventually, it lost ground and has been trading at around $3,600 as of now.

There is a conjecture heard on the streets that more than 25,000 Bitcoin futures getting expired on Deribit has added as a catalyst to the fall.

It is possible that holders of the digital currencies are selling their assets on the notion that the desire to own these coins may see a downfall once the open interest falls by 50%.

It is also understood that a downsized Bitcoin also pulls down the value of other currencies until there is some positive movement in these altcoins. The movement is though not in exact correlation, any positive movement noted in the altcoins may help in diminishing the losses.

Ripple’s rates have also gone down slightly in the last 24 hours. The spirits of these blockchains are up with its CEO Brad Garlinghouse stating that Ripple has cut itself from the Bitcoin chain, increasing the market and trading against other digital assets. Thus, we can see a sturdy rate for Ripple in the future.

Ethereum, however, goes hand-in-hand with Bitcoin. It saw a fall after touching a 24-hour high of $130. Recently, it had won the race against Bitcoin Cash where price is concerned, though this did not last long as Bitcoin Cash accelerated its pace and won over Ethereum again. In the past 24 hours, Ethereum prices have slashed by 10%, though it still supports a greater market capitalization than Bitcoin Cash at $2.6 billion.

Bitcoin Cash saw itself trading at more than $180 as the trading commenced and later settled at just over $150. It is uncertain as to what accelerated the demand of these coins though it is crystal clear that Bitcoin Fork is yet to regain value after the exit of Bitcoin SV to form a separate blockchain.

Stellar has seen both rise and fall in the past 24 hours. A short rise of 11.5 percent was seen before heading south. The Ripple fork hovers around a third of the value of Stellar. To increase its worth, it has to work upon its business dealings drastically. Ripple enjoys a market capital almost double to that of Stellar at near about $40 billion against $19 billion of Stellar. Together, these tokens have huge supplies which result in great differences in market cap even if there is a minimal change in a single token value.

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