Top Cryptocurrencies Mostly in the Red, Bitcoin Falls Below $3,900 Again
Most of the top 20 cryptocurrencies are reporting discreet losses, with Bitcoin worth less than $3,900 again.
Market visualization from Coin360
At press time, Bitcoin is down a fraction of a percent on the day, trading at around $3,880. Looking at its weekly chart, the current price is substantially lower than the Monday’s high of $4,271, and also lower than $4,011, the price of BTC one week ago. Moreover, the current price is still substantially up from $3,642 — the mid-week low registered Friday.
Bitcoin 7-day price chart. Source: CoinMarketCap
Ripple (XRP) — the second largest cryptocurrency by market capitalization — remained relatively stable on the day, trading at about $0.399 as of press time.
On the weekly chart, the current price is higher than $0.367, the price at which the coin started the week. However, the current price is also notably lower than the mid-week high of $0.446 reached on Monday.
Ripple 7-day price chart. Source: CoinMarketCap
Ethereum (ETH) remains the third-largest cryptocurrency by market cap, but the divide between Ripple and ETH is decreasing. Ethereum’s market cap is currently $14.380 billion, while Ripple’s is $14.936 billion.
Ethereum has seen over a 2 percent of increase of value over the last 24 hours. At press time, ETH is trading at around $139, having started the day at $136. On the weekly chart, the current price is higher than $129 — which was the value of ETH on last Sunday — but also lower than the Monday high of $157.
Ethereum 7-day chart. Source: CoinMarketCap
Among the top 20 cryptocurrencies, the only ones reporting gains — other than Ethereum — are EOS and Dash (nearly 3 percent), Cardano (1 percent), and NEM (up three quarters of a percent). The biggest gainer of the day is NEO, which is up nearly three and a half percent at press time.
The combined market capitalization of all cryptocurrencies — currently equivalent to about $130 billion — has lost about $3 billion this week, but regained about $10 billion since its mid-week low of $120 billion. Moreover, the total crypto market cap also lost about $17 billion since its $147 billion weekly high reported on Monday.
Total crypto market cap 7-day chart. Source: CoinMarketCap
As Cointelegraph recently reported, graphics processing unit (GPU) producer Nvidia is facing a class action lawsuit over the losses reported after the cryptocurrency market downturn diminished demand for GPUs by miners. After the mining crash, the company’s stock price lose 54% of its value and became the worst S&P 500 performer.
As well, leading mining ASIC producer Bitmain is reportedly planning to lay off over 500 of its employees and cease its mining operation, as the company’s CEOs were reported in Chinese media as allegedly set to resign.