XRP Survives Two Crashes With A $4 Billion Lead Ahead Of Ethereum

XRP Survives Two Crashes With A $4 Billion Lead Ahead Of Ethereum

Bitcoin Cash has been spiraling downwards ever since its hard fork event occurred, which initially seemed like a good thing for BCH's price.

Over the course of the past seven days, the cryptocurrency markets have lost over 25% of its total market cap.

Other cryptocurrencies also skidded sharply, with Ethereum's ether losing 10 percent and Ripple's down 13 percent in a largely sentiment-driven slide.

Bitcoin has lost close to 20% of its value in the last three months. Meanwhile, Ethereum is down 87pc from its all-time high, according to cryptocurrency news site CCN.

Turmoil engulfed cryptocurrency markets again on Tuesday, with every major coin extending a rout that's rocked confidence in the nascent asset class just as US regulators try to close in on alleged fraud.

Currently, Bitcoin holds 97 billion dollars in its market cap; however, only two weeks before the numbers were set at almost 111 billion. Previous year the suspension of hard fork planned by major developers and investors proved a major catalyst to its breakneck rise. During the last week, Bitcoin Cash ABC [IOU] has traded 31.8% lower against the dollar.

The drop in the value of equities, stocks, and other traditional investment vehicles have fueled the drop of cryptocurrencies, which to the eyes of investors in the finance sector remain as high-risk, high-return trades.

After months of relative calm, the digital currency started to drop last week.

Ripple, which recently displaced Ethereum as the largest altcoin by market cap, has also recorded an increase and at press time was trading at 0.55113.

Bitcoin price tumbled below the $5,060 and $4,860 support levels.

The worries for the cryptocurrency investors grow further as crypto markets entered a DEEP RED correction on Monday, Nov. 19. That's what happened. Bitcoin went down, and the rest of the market went down with it.

Bitcoin tumbled as much as 10 percent yesterday to below US$4,500, bringing the world's best-known cryptocurrency's losses to 30 percent within a week, as a selloff in digital currencies intensified across the board.

Neil Wilson, chief market analyst at Markets.com, told The Guardian: "The crypto bloodbath continues".

Coinshares CSO Meltem, commenting on the current state, concluded that massive sell-offs caused last week's crypto volatility in anticipation of Bitcoin Cash hard fork.

As BTC, which maintained stability from August to November, dropped substantially against the U.S. dollar, other major cryptocurrencies struggled to sustain momentum.

Ethereum, for example, is more than 12% lower at $US156 per coin, while litecoin is down a similar margin, trading at $US5.10 per coin, a loss of 12%.

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