Yuri Molchan

Bitcoin Rolls Below $4,000, Top-20 in Red, But Many Altcoins Going North

On 4 December, Bitcoin dropped below the $4,000 support level and is dropping along with other top-10 coins; however, Ethereum co-founder remains bullish
Bitcoin Rolls Below $4,000, Top-20 in Red, But Many Altcoins Going North
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On Tuesday, December 4th, the father of all crypto, Bitcoin, demonstrated a drop below the $4,000 level, having lost 0.30 percent over the past 24 hours, as per CoinMarketCap. As always, BTC is dragging the whole market along with it. However, quite a few altcoins remain in the green.

Top-10 are going down, yet Tether is bullish

This morning started with Bitcoin trading at the $3,879 mark (a 3.33-percent loss from yesterday’s price of $4,110), but by now it has managed to recover a little and is currently going for $3,997.

Ripple (XRP) has lost about 0.82 percent against the USD, and its current price is $0,3580. Earlier this morning, the XRP rate was $0.348.

Ethereum (ETH) is currently worth $111.64, showing a 1.26-percent loss. Just a short while ago, it was trading at a lower level of $108.52.

All coins on the top-10 list are in the red at the moment apart from the Tether (USDT) stable coin. It is showing a 0.53-percent rise and is going for exactly $1. The asset seems to be recovering after its recent difficulties.

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Top-30 coins feeling better than those above

Among the coins that are below Cardano (10th position), the situation seems a little better. The gainers are Binance Coin (15th place, +9.34 percent), NEM (16th place, +3.46 percent), Dogecoin (place 22, +6.54 percent), Waves (place 35, + 4.48 percent) and other 28 altcoins in the top-100 category.

Ethereum founder still bullish

In a recent interview, Joseph Lubin, who founded Ethereum along with Dr. Vitalik Buterin, and also created ConsenSys, said that the true crypto believers should not trust the market activity. The market cap changes he stated do not reflect the real changes, since blockchain and crypto are not just technologies or markets, they are ideological movements.

Per Lubin, decentralized networks are growing at a rapid pace. In particular, he added, the number of those who use Ethereum products (MetaMask, Truffle and Infura) has shown a significant increase.

Lubin believes that the current growing market where Ethereum is being used, is third-world countries, and he expects a further boost of usage in this region. Like the Philippines, with its unbanked population, which has recently announced their intention to become another global blockchain hub.

Besides, the good news, Lubin mentioned, is that ICO makers are not in a rush to sell their ETH tokens collected as investments, so the current fall of the coin’s price has nothing to do with that.

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