16 Jan Bitcoin Higher, but Ripple, Ethereum, and Bitcoin Cash Plunge
After posting big losses in the last couple of sessions, bitcoin gained a lot of momentum in today’s trading, jumping almost 5% from the previous close. It is currently trading above the $14,200 mark with a market capitalization of $236 billion.
However, three other major cryptocurrencies have been struggling during Monday’s trading, due to warning and cautions issued by several analysts and governments.
The Indonesian government is new on the list after issuing a strong warning against cryptocurrency trading. They advised their citizens to avoid trading digital currencies amid the possible bubble.
Recently, Warren Buffett has also suggested that investors keep away from trading digital currencies, as, according to Buffett, these currencies likely to have a bad end.
Ripple has extended the downward trend in Monday trading, trading close to the level of $1.81. Its market capitalization is now around $70 billion, which is significantly lower than the all-time high of $123 billion it had reached earlier in the month when Ripple managed to overtake Ethereum as the second largest market capitalization for a cryptocurrency.
Ethereum, which was the best performing cryptocurrency of last week, declined 0.91% during Monday trading. Analysts say the dip in Ethereum price is only due to traders profit-taking after the surprising growth in the last week.
Then there’s bitcoin cash. Bitcoin cash, currently the fourth largest cryptocurrency by market capitalization, tumbled more than 3% during Monday trading. The price of bitcoin cash was trading above $2600 on Friday and it briefly hit the $2800 mark on Saturday. Unfortunately, it failed to sustain the momentum in Monday’s trading and is currently trading close to $2,458.04.
According to the coinmarketcap.com, the selloff in cryptocurrencies over the last week has slashed total cryptocurrency market capitalization below $700 billion. The total share of bitcoin and Ripple also eased considerably in the last couple of trading sessions.
Featured Image: twitter