Bitcoin’s Price Volatility Shakes Market Leaving Most Coins in the Red - A Big Concern, or Simple Correction?


Bitcoin’s Price Volatility Shakes Market Leaving Most Coins in the Red - A Big Concern, or Simple Correction?
Contents

There was a brief bit of excitement towards the end of the week as the price of Bitcoin managed to spike to a high of $9,000, but it was fleeting.

The Bitcoin price volatility quickly saw that high drop back down, and then drop significantly, taking the rest of the cryptocurrency market with it.

In the top 20 coins, only one is in the green, the little known Cosmos Coin, while some coins, like Bitcoin SV are down as much as 20 percent after their own high bouts of volatility. Most of the coins have followed the dip in Bitcoin’s price, which is now hovering around the $8,200 mark.

The question that is on everyone’s lips is weather this is a mere correction in the entire market after following Bitcoin’s parabolic rise to $9,000, or if there is something more to this and a longer downward trend might be on its way.

A red day

After tracking green for most of the week, the market is almost totally red as the week draws to a close, with some major losses for some of the better known coins.

Bitcoin managed, this week, to break from just below $8,000 to upwards of $8,500 in a quick move which drove the market into a positive space, but now, there is a cumulation of $10 billion that has been wiped from the market.

Ethereum, the second largest digital asset that was showing good growth potential is also locked in a bearish trend. The coin has lost nearly 9% in recent 24 hours to trade at $254.

Ripple’s XRP settled under $0.4200. The coin is down 8% on a day-on-day basis, moving in sync with the rest of the market.

Bitcoin SV has lost a staggering 20 percent over the last 24 hours but this comes after it spiked from about $120 upto $220 earlier in the week. Its current losses have it back down to $186, so still well up for the week.

Cause for concern?

In general, Bitcoin’s volatility has started to come back, but mostly with longer term upward trends showing growth of over 100 percent in 2019 alone. In that though, there has been a number of big spikes in growths, as well as drops in value.

This has had a big effect on the altcoin market too which has been closely tied to the major cryptocurrency.

However, this latest move, first up, then quickly down, is probably nothing more than a correction with the chances of Bitcoin rising above $9,000 early next week highly possible.

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About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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    ❌👊 XRP’s price has failed to kick on — is there too much competition as Max Keiser predicts Facebook Coin to make it obsolete?💁‍♂️⚒


Ripple’s XRP Price Struggling — Is This the End as Max Keiser Predicts Facebook Coin Will Take Over?
Contents

While the cryptocurrency markets have been down of late, there has been very little to be excited about from a Ripple point of view. The company’s XRP token has failed to kick on during the cryptocurrency spring, and maybe it is down to losing its niche.

There is a bigger and bigger drive for coins that accomplish what XRP does, and despite being one of the first, there is major competition emerging from big companies like JPMorgan, as well as now Facebook.

Max Keiser, a well-known cryptocurrency commentator, has said he believes Facebook’s hugely hyped GlobalCoin will do away with the need for hundreds of altcoins, including XRP. It remains to be seen if GlobalCoin will hit the same niche, but it does feel like it has a chance.

A cryptocurrency killer

There are hundreds of cryptocurrencies currently on the market, and not many would argue against the fact that many are not needed and a bit of a waste of space. There are niches which have a lot of competition, like the smart contract blockchains of Ethereum, Cardano, NEO, etc.

Ripple’s XRP solution to cross-border banking payments is a well known cryptocurrency, but is still just a startup and a minnow in the eyes of JPMorgan and Facebook.

Keiser is a big believer in Bitcoin, but not as fond of the massive altcoin market behind it.

Should XRP be worried?

Keiser has a point about the power of a coin backed a company of the magnitude of Facebook, but he may be stretching things a little with GlobalCoin’s reach.

XRP’s niche is, and always has been, towards banks and making partnerships there. On the other hand, GlobalCoin will be a broad token, but one targeted at individuals rather than businesses.

Questions continue to be asked about the interoperability of blockchains, and perhaps that is where this arms race will be headed. XRP can be a banking solution, and GlobalCoin one for the people, but there should be a drive to be able to get them to work seamlessly together.

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About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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