Bitcoin & Ethereum are holding up for now, XRP takes another hit, these prices rose & fell the most. Last Friday, the cryptocurrency market took another major blow, perhaps driven by mounting fear, uncertainty & doubt (FUD). The market cap of crypto fell from $1.63 trillion to $1.52 trillion, a loss of a whopping $110 billion in value. In the last 24 hours we generally don’t see a big change, but most prices still turn red and the market capitalization drops slightly further.
More and more Chinese provinces are banning bitcoin mining and recently it was even the turn of Sichuan province whose hydroelectric power plant powered many mining farms. This causes the hash rate, or computing power, of bitcoin to drop sharply. According to multiple sources, the hash rate today drops to about 100 exahashes per second (EH/s) while a month ago it was still around 180 EH/s; the highest ever. Cryptofriends.io is helpful.
The bitcoin price plummeted last Friday from $38,000 to $35,000. A decrease was already expected because the so-called death cross was formed. That’s when the 50-day moving average crosses the 200-day moving average and that usually doesn’t bode well. However, we have already seen the price fall sharply in recent times, so perhaps it will stay that way.
Crucial support zone
It was also expected that the crucial support zone around $35,000 would be retested and bitcoin may now find a bottom here. For now, support is holding up, but should it break, we could quickly plunge down to $30,000. Currently, the low trading volume is further decreasing, reducing the chance of a quick breakout.
Ethereum (ETH) fell even harder Friday, falling from USD 2,350 to USD 2,150, down 8.5%. Ether prices then recovered slightly, but ether failed to break through the resistance around USD 2,250 yesterday. The already low trading volume of ether is also increasing and the price is currently hovering around USD 2,200.
Out of the top 10 crypto, ripple (XRP) is taking the heaviest blow today. XRP fell from $0.83 to 0.77 last Friday, but was then able to recover to 0.8. Last night, however, another blow came as XRP slipped from $0.797 to $0.745, a 6.5% drop.
Out of the top 100, Quant (QNT) is the biggest decliner today, losing about 10.5% of its value. The QNT price was one of the stronger risers last week and is therefore still 35% in the plus compared to a week ago. Kusama (KSM), the brother of Polkadot (DOT), is the biggest loser this week and is 27% down compared to a week ago. XRP price is positive.
AMP price up
The hardest riser today is again Amp (AMP) and is currently up 14%. The AMP price was often the hardest riser on the market last week and is therefore also the furthest in the plus compared to a week ago, namely 52%. Amp itself is up 115% compared to 2 weeks ago.