Major Coins Show Poor Performance, With Ethereum Dipping Below $100
Crypto markets have continued yesterday’s downtrend, with Bitcoin Cash, EOS, and Binance Coin seeing major losses.
Thursday, Dec. 6: Cryptocurrency markets have continued yesterday’s losses, with just two of the top twenty coins seeing any gains, according to Coin360.
Market visualization from Coin360
Bitcoin (BTC) is down 3.13 percent the day, seeing a high of $3,887 and low of $3,587. At press time, the major cryptocurrency is trading around $3,656.
On its weekly chart, BTC is at its lowest price point over the past seven days, down 14.4 percent, while the coin’s monthly statistics show grim 43 percent losses.
Bitcoin monthly price chart. Source: CoinMarketCap
The second largest virtual currency by market capitalization Ripple (XRP) is trading at $0.320 at press time, down 5.36 percent on the day. The altcoin’s market cap is around $12.7 billion, while its weekly high point was $15.3 on Nov. 30, according to CoinMarkerCap.
XRP 7-day price chart. Source: CoinMarketCap
Ethereum (ETH) have lost 7.85 percent in the last 24 hours, dipping below the $100 mark for the first time during the past month. The coin is trading around $95 as of press time. ETH’s market cap is $9.7 billion at press time.
Ethereum 7-day price chart. Source: CoinMarketCap
Top 10 coin Bitcoin Cash (BCH) is one of the top 20 coins, has registered major losses on the day. The altcoin is down by over 14 percent during the last 24 hours and is trading at around $112 at press time.
The Bitcoin Cash hard fork has been followed by a lawsuit filed by Florida-based United American Corp. against crypto exchanges Bitmain, Kraken, Bitcoin.com, and BCH evangelist Roger Ver, claiming that they engaged in “unfair methods of competition” that were detrimental to UnitedCorp and other stakeholders.
United American Corp. claims that during the hard fork, a number of entities took control of the network using “rented hashing” to facilitate the adoption of Bitcoin ABC, while “no person or entity can be allowed to control them.”
Bitcoin SV (BSV), in turn, has seen noteable daily gains of 22.55 percent, and is trading at around $107.31 at press time. BSV’s maximum supply is 21 million, while its market capitalization is around $1.8 billion at press time.
Today’s major losers also include EOS and Binance Coin (BNB), which are down 14.19 percent and 17 percent respectively. As of press time, EOS is trading at $1.90 and BNB is around $5.
Total market capitalization of all cryptocurrencies is around $114.4 billion at press time. On its monthly chart, total market cap has been showing a steady downtrend.
Total market capitalization 7-day price chart. Source: CoinMarketCap
Meanwhile, digital asset manager Bitwise launched two new beta funds for BTC and ETH, aiming to provide a “low-cost” and “liquid” means of capturing returns on both high-profile assets. Matt Hougan, global head of research for Bitwise, has contextualized the launch of the new funds as being driven by “significant inbound demand” spurred by part “positive developments on the horizon.”