Industry Analysis

Cryptocurrency market dumps $10 billion in hours after a brief bullish momentum

As seen before, the cryptocurrency market dumped all its gains following a brief bullish momentum. As a result, the total market cap dropped from $217 billion to around $207 billion in 24 hours. Additionally, most cryptocurrencies lost their previous gains and are currently in the red.

Price Analysis

On Tuesday, 25 September, the total market capitalization had lost about $10 billion after a brief bullish momentum. Bitcoin lost 2.08% to trade at $6,423, while XRP lost 13% and got $9 billion wiped off from its market cap. XRP’s price had jumped on Friday after CNBC reported the company would be rolling out xRapid, a money transfer product based on XRP.

Moreover, coins like Ethereum, EOS and Stellar lost all their weekend gains in a quick selloff. Ethereum plunged just under 9% to trade at $211. EOS and Stellar Lumens (XLM) lost 8 and 7% and currently trading at $5.18 and $0.238611 respectively. Also, cryptocurrencies like Siacoin and Cardano (ADA) lost all gains from yesterday’s pump. Generally, almost all the top 20 digital currencies are in the red.

News and Opinions

According to TechCrunch Editor-At-Large, Josh Constine, beyond Coinbase where we witnessed a huge flood of users in late 2017, early 2018, and thus a spike in prices, there has not been any truly mainstream blockchain firms. He also added that it might take a few years before real mainstream applications for blockchain emerge. The main issue affecting massive adoption is the design, usability and the UX.

Additionally, the TechCrunch editor pointed out that mainstream adoption may take a while since attackers are always going to keep improving their skills. However, if big companies hire talented individuals to tackle these issues, we may witness an era of massive cryptocurrency and blockchain adoption.

Do you agree with Josh Constine’s views?

Let us know what you think in the comments section below

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coinmag

Having contributed to many leading financial blogs, Ken's love for cryptocurrencies and the blockchain technology has him on high alert on all price developments within the cryptocurrency sphere.

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