Home Cryptocurrency Bitcoin Crypto market edged lower on Sunday, reporting a weekly loss of 7.5%

Crypto market edged lower on Sunday, reporting a weekly loss of 7.5%

crypto coin

Share This On Social

Bitcoin lost over 0.5% during the day, traded at about 3,858 USD, according to CoinMarketCap. Looking at its weekly chart, the current price is over 6% lower than 4,142 USD, which the cryptocurrency was traded at the beginning of the week.

Ethereum occupies the position of the largest market Altcoin by market capitalization, which is over 14 billion USD. The second largest Altcoin, Ripple, has a market capitalization of about 13 billion USD.

eth USD

Ethereum fell by 2.5% over the past 24 hours. Ethereum is traded around 134 USD after it started the day at 138 USD. On its weekly chart, Ethereum posted a decline of more than 15% from 157 USD, the price at which the coin began the week.

This week the hard forks Constantinople and St Petersburg in the Ethereum network were put into operation in the main network of block 7,280,000.

Ripple lost about 2% within 24 hours and is currently traded at about 0.315 USD. On the weekly chart, the coin lost nearly 5%.

Among the top 20 cryptocurrencies, EOS and Tron had the most noticeable losses for the day, which fell by about 4% during the writing of the article.

The total market capitalization on the market is currently at 130.1 billion USD, which is about 7.5% less than 140.6 billion USD, the value reported a week ago.

Ripple analysis

Ripple’s price rises by 28,000% in 2017, and today it is able to get a market capitalization that puts it in third place.

What is most surprising for Ripple is that it manages to withstand the bear market in 2018, while other large crypto-points are hardly going to stand. Although no one can accurately estimate the cost of the cryptocurrency, there are some factors that could determine the direction in which the Ripple price can be targeted.

Ripple has a large list of financial partnerships that are constantly expanding. Its network of members consists of large global banks and payment services. The Ripple protocol is used by many financial institutions for cross-border transfer of their funds. Ripple has announced that it will add more important customers to its structure, which may lead to a rise in its market capitalization as well as price. The global money transfer sector is a market worth hundreds of billions of dollars in which Ripple can enter.

The corporate partnerships of the company and the widespread use of stock exchanges make Ripple a very legitimate and reliable block project for investors. This may lead to an increase in demand.

Out of a total of 100 billion coins, 55 billion coins are put into an escrow account by the company. A smart deal frees 1 billion coins from escrow every month. The tokens will be given to partners from the Ripple Network and others to help them tie the coin to promote adaptation.

Ripple has recently announced that it will unite all its different technology solutions into one stack at some point in the future. It has also been mentioned that the token will play a key role. This news was not top news, perhaps because it was released at a time when the Crib markets were through a rough bear season. In 2019 there will be more news and details about this type of merger.

Although Ripple has an impressive list of partners trying to use the technology, it has not yet spread widely among banks that will feed on uncertainty about the cost of the token.

Since the cryptocurrency has a great deal of supply, the traders will want to be cautious as the coin can adjust after raising. The price of Ripple is more robust than other digital assets since it is created to serve more for corporate use instead of an individual. This can deter traders from choosing a token because no significant profits can be obtained if the fluctuations are insignificant.

The price can also be influenced by the overall XRP supply as it changes when more tokens are released.

Considering all of the above factors, many experts from the crypto community from various sources, such as fxstreet, express.co.uk, investingpr, made their own estimate of Ripple’s cost claiming that Ripple could triple its value or reach 3-5 USD by the end of the year.