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Markets Turn Red as Top Altcoins See 10% Losses — Can Bitcoin Hold On?

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Markets Turn Red as Top Altcoins See 10% Losses — Can Bitcoin Hold On?
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The cryptocurrency market is seeing a sharp downturn of up to 10 percent for some of the top altcoins after a long period of positive and progressive movement. However, the good news is that Bitcoin, the major cryptocurrency, is seeing losses of only a few percent.

Bitcoin is down just over one percent at the time of publication, while the likes of EOS, Litecoin, Binance Coin and Cardano are all closer to losses of 10 percent. It is positive that Bitcoin is holding strong, but it begs the question as to whether it has enough power to turn this sharp downturn into nothing more than a blip.

Following a period of positivity

The cryptocurrency markets have been seeing a long period of positivity, dubbed the cryptocurrency spring, with very little drops in value across the top coins. The growth has been steady and progressive, helping many note that the bear market is over.

In this time, there have not been massive drops in value, but rather a few consolidations. This could well be a consolidation again, as Bitcoin recently broke as high as $5,500 after hovering between $5,200-$5,300.

Bitcoin holding up

It is positive that Bitcoin has managed to stay above the $5,500 mark, and looks like that floor is quite steady and has enough resistance to keep the major cryptocurrency up. Altcoins have always been more prone to volatility and big swings anyway.

If Bitcoin was to hold above the $5,500 mark, then one could comfortably assume that the market decline won't get much worse – altcoins may well keep falling, but in general this sharp dip should be seen more as a consolidation than anything.

Bullish sentiment

Another factor to consider is that the bearish sentiment that plagued the cryptocurrency market through much of 2018 is now nearly all gone. It has been replaced by a bullish mood, but maybe not quite a bullish rally.

That means that any negative price movements should be countered quite quickly, and the power of negative price movements should not scare off investors like it did through 2018.

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About the author

Jack Thomas is a journalist from Australia who has had a long career writing about finance and technology. He has combined his enthusiasm for these two subjects and applied his writing to covering blockchain and cryptocurrencies in the past few years.

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Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security

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    Ripple makes a final push to dismiss the damning class-action lawsuit ahead of a court hearing that is scheduled for January 2020

Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security
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Ripple has once once again asked a federal court to dismiss the pending class-action lawsuit over selling illegal securities, a new court filing shows.

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The company reiterates the same "statue of repose" argument, which means that the plaintiffs failed to meet a legal deadline for filing the suit. Ripple started selling XRP to retail investors back in 2013, which means that it was way too late to bring legal actions against it back in summer 2018 after a bar to a lawsuit was imposed in 2016.    

The blockchain behemoth also continues to insist that XRP is not a security, but it called this issue "irrelevant" to their latest motion, which is why it didn't address this point in-depth. It's not the first time that Ripple tries to dodge the big question that is the cornerstone of the long-lasting legal battle. 

"XRP is not a security, but that is irrelevant for purposes of this motion. Even if XRP were a security, Plaintiff's claims still fail as a matter of law,” the filing said.   

Ripple's previous attempt to throw the suit out of the court didn't bode well. As reported by U.Today, Bradley Sostack, the leading plaintiff in the ongoing case, believes that the defendants are still liable for selling illegal securities. The parties are expected to duke it out in court in January 2020.  

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XRP's status as a security remains a point of contention within the cryptocurrency industry. Crypto influencer BitLord recently slammed Ripple for dumping their native tokens on investors to acquire businesses.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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