2018 did not begin on a good note for Bitcoin as the monster rally leading to Christmas crashed, but it made a bit of a recovery in and among a boom for a number of altcoins. However, Monday has not been a good day for the entire cryptocurrency market.
Looking down the graphs of the top cryptocurrencies, you’d be hard-pressed to find one in the black as all of the top 10 coins hit a downward trend, led by Ripple which had dropped by almost 28 percent over the last 24 hours.
Red across the board
Coinmarketcap showed some unpleasant numbers for all top 10 coins as Bitcoin was registered as being down 11 percent, Ripple down 28 percent and Bitcoin Cash down 20 percent.
Ripple’s losses were by and far the biggest, especially considering the growth the coin experienced in the past few weeks. Ripple reached $3 a coin a few days ago after it was added to Bloomberg’s price terminal in late December.
South Korea also recently pushed up the altcoin market as the mania strike the Asian country with Ripple’s doubling up attributed to South Korea being taken with the Blockchain-based payment solution for enterprise-level global payment transactions.
A bubble in the Ripple?
The low Ripple numbers may be down to the fact that Coinmarketcap does not including information from some South Korean exchanges, but there are other concerns afoot.
“The reason ripple is surging so much is it’s a bubble,” said Erik Voorhees, CEO of digital asset exchange ShapeShift and a vocal advocate for Bitcoin as a way to separate money and the state. “Testing crypto with banks doesn’t make sense. The whole idea of crypto is you don’t need a bank.” […]