Bitcoin Falls Under $3,800 as Top Cryptocurrencies Remain Mostly in Red
Most of the top 20 cryptocurrencies are reporting discreet to moderate losses, with Bitcoin worth less than $3,800 again.
Market visualization from Coin360
At press time, Bitcoin is down over one and a half percent on the day, trading at around $3,740. Looking at its weekly chart, the current price is slightly lower than $3,814, the price of BTC one week ago. Furthermore, the current price is lower than the Sunday high of $3,961 and notably higher than the low of $3,653 reported on Friday.
Bitcoin 7-day price chart. Source: CoinMarketCap
Ripple (XRP) — the second-largest cryptocurrency by market capitalization — has lost little over a half percent on the day, trading at about $0.357 at press time. On the weekly chart, the current price is lower than $0.362, the price at which the cryptocurrency started the week.
Ripple 7-day price chart. Source: CoinMarketCap
Ethereum (ETH) remains the third-largest cryptocurrency by market cap, but the divide between Ripple and ETH continues decreasing. Ripple’s market cap is currently $14.532 million while Ethereum’s market cap is $14.227 million.
Ethereum has seen its value decrease by a fraction of a percent over the last 24 hours. At press time, ETH is trading at around $136, having started the day at the same price and after having reported a mid-day low of around $132.
Ethereum 7-day chart. Source: CoinMarketCap
In altcoin news, Paragon (PRG), a token for the cannabis industry, briefly jumped to the 19th place on CoinmMarketCap after having surged over 6.5 thousand percent. At press time, Paragon is in 52nd place, up around 1,044 percent on the day and trading at around $1.27.
Paragon 24-hour chart. Source: CoinMarketCap
Crypto outlet Hacked notes a possible reason for the price spike was allegedly concentrated trading on the Yobit crypto exchange.
As Cointelegraph reported mid-November, Paragon has been the first initial coin offering (ICO) company over which civil penalties have been imposed solely due to a failure to register their token sales as securities with the United States Securities and Exchange Commission (SEC).
The combined market capitalization of all cryptocurrencies — currently equivalent to about $126 billion — is near its $127 billion value of one week ago. The current value is also lower than the mid-week high of $133 billion, and higher than the $120 billion low reported on Friday.
Total crypto market cap 7-day chart. Source: CoinMarketCap
As the new year begins, data showed that the media has declared that Bitcoin was dead 90 times in 2018. By contrast, almost one thousand altcoins were reported as disappearing.
As well, Bitcoin was acclaimed this week by Jameson Lopp — CTO of a crypto company and self-proclaimed cypherpunk —to be the first step in a broader transition to an anarcho-capitalist society.