ETH and XRP Both Hit by Losses as Crypto Markets See Widespread Red

Published at: Sept. 24, 2018

Monday, September 24: Both Ripple (XRP) and Ethereum (ETH) have taken hefty price hits today as the wider crypto markets see deep red, as data from Coin360 shows.

Market visualization by Coin360

While Ethereum has now reclaimed its long-standing spot as second-largest coin by market cap on CoinMarketCap — which it briefly ceded to a skyrocketing Ripple on September 21 — Ethereum has today seen around a 5 percent loss on the day to trade at $234 to press time.

Following its intraweek high of around $250 on September 22, the altcoin has seen depressed growth to jaggedly trade sideways between $240-245, before taking a further dip in the hours before press time.

Ethereum’s total market cap is today close to $24 billion, still just ahead of Ripple, which has a total market cap of about $21 billion as of press time.

On the week, Ethereum’s gains remain up by over 6 percent; monthly losses are around 15 percent.

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Ripple (XRP) has had a record-breaking week, with its unprecedented eclipse of Ethereum on September 21 to seal a new ranking on CoinMarketCap as second-largest crypto in the entire market. The asset’s market cap had hit around $23 billion.

Nonetheless, Ripple’s gains have since tapered off somewhat. The asset is today down around 10 percent over a 24 hour period, and is trading around $0.52 at press time.

Possible reasons behind Ripple’s eye-popping growth include the Sept. 19 announcement that U.S. bank PNC will begin using Ripple’s xCurrent software solution to expedite cross-border transactions for the bank’s U.S. commercial clients. 

Last week notably also saw hints that Ripple is likely to launch a commercial application of its xRapid liquidity solution for banks "in the next month or so."

On the week, Ripple is up 87 percent, bringing its monthly gains to around 61.5 percent.

Ripple 7-day price chart. Source: Cointelegraph Ripple Price Index

Bitcoin (BTC) has seen less growth this week as well as milder losses today. The top crypto is down around 2 percent to trade around $6,613 as of press time.

Bitcoin’s relative stability is shown on both its weekly and monthly charts: on the week, the asset is up 1.7 percent, and is around 1 percent in the green on the month.

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Among the top ten coins listed on CoinMarketCap, Stellar (XLM) has been hit with the most severe losses on the day, down 9.7 percent to trade at $0.26 at press time. Cardano (ADA), is also down a weighty 8 percent and is trading around $0.084.

All of the other top twenty coins are in the red, with IOTA (MIOTA) down 10 percent to trade at $0.56. Tron (TRX) is down 7 percent at around $0.022. Dogecoin (DOGE), down less than 1 percent on the day, is the most resilient alt among all the top twenty largest cryptos.

Total market capitalization is around $219 billion as of press time, down around $10 billion from its intraweek high of close to $229 billion.

24 hour chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Tags
Bitcoin
United States
Sec
Markets
Ethereum
Altcoin
China
Cryptocurrencies
Cardano
Ether Price
Bitcoin Cash
Ripple
Stellar
Related Posts
Price analysis 1/20: BTC, ETH, DOT, XRP, ADA, LTC, BCH, LINK, XLM, BNB
When an asset is in an overbought condition and traders are sitting on large profits, even minor negative news and events could trigger profit-booking. This seems to have happened following Janet Yellen’s adverse comments on cryptocurrencies during a virtual hearing with the U.S. Senate Finance Committee. In the same meeting, Yellen also told Congress to “act big” in order to support the U.S. economy. Another round of stimulus would probably further weaken the U.S. dollar and drive investors into assets that are considered as a store of value. This means Yellen's comments may have inadvertently boosted the sentiment surrounding gold …
Bitcoin / Jan. 20, 2021
Price analysis 1/13: BTC, ETH, XRP, LTC, ADA, BCH, DOT, XLM, LINK, BNB
The top 100 richest Bitcoin (BTC) addresses have added 334,000 Bitcoin to their existing holdings over the past 30 days, a clear signal that whales and institutional-size investors bought the dip. A positive sign is that most of them have not reacted to the recent fall in Bitcoin’s price. This suggests that large investors are bullish on Bitcoin for the long term rather than looking to make a quick gain. An important element in the recent rally is many of the purchases have come from institutional investors who were critical of Bitcoin in the past. The list is likely to …
Bitcoin / Jan. 13, 2021
Price analysis 12/28: BTC, ETH, XRP, LTC, BCH, DOT, ADA, BNB, LINK, XLM
Several central banks have resorted to unprecedented monetary expansion and aggressive rate cuts to support their respective economies badgered by the coronavirus pandemic. Record liquidity has resulted in sharp rallies in the S&P 500, gold, and Bitcoin (BTC), which suggests that investors are plowing money into assets of their choice. While gold is way below its all-time high set in August, both the S&P 500 and Bitcoin are near their all-time high. The last five trading days of the year and the first two of the next year have historically been bullish for the S&P 500, dubbed as the "Santa …
Bitcoin / Dec. 28, 2020
Price analysis 12/23: BTC, ETH, XRP, LTC, BCH, LINK, BNB, ADA, DOT, XLM
The current crypto bull run has been spearheaded by Bitcoin (BTC). As the United States Securities and Exchange Commission has previously hinted that Bitcoin is not a security, the regulator’s current lawsuit against Ripple is unlikely to stop the institutional inflow of money into Bitcoin. However, a few altcoins that may be at risk of facing a similar fate as Ripple could face selling pressure. Due to a change in sentiment, retail investors may sell some of their altcoin holdings and shift to Bitcoin. Even retail investors who plan to spend their stimulus checks for buying crypto-assets may prefer Bitcoin …
Bitcoin / Dec. 23, 2020
Price analysis 12/7: BTC, ETH, XRP, LTC, BCH, LINK, DOT, ADA, BNB, XLM
Recent news reports suggest that U.S. lawmakers may announce a new round of economic stimulus worth about $908 billion before the end of today. This second package, if announced, will add to the existing debt pile and may send the U.S. dollar index (DXY) lower. The index is already trading near its lowest level since April 2018. The slow economic recovery, expansionary monetary policy, overvalued stocks and negative bond yields are some of the reasons that have forced investors to search for alternative assets to safeguard their portfolios. Gold has been one of the favorite safe-haven assets of investors for …
Bitcoin / Dec. 7, 2020