Today’s Market Snapshot

As of January 14, the cryptocurrency market is experiencing a significant downturn, resembling that moment when you open your fridge and realize there’s only expired milk left. The total market capitalization hovers around $692 billion, creeping back from the cringe-worthy plunge to around $630 billion just days earlier. With only three of the top 20 cryptocurrencies showing green trends, it’s a rough day for crypto enthusiasts.

Ripple’s Wild Ride

Ripple (XRP) has been riding the volatility rollercoaster quite dramatically. Just two days ago, it jumped by a hefty 18 percent, but now it has lost about 10 percent in just 24 hours. This dramatic fall follows the initial excitement generated by Ripple’s partnership announcement with MoneyGram, which quickly deflated when MoneyGram clarified that they were merely testing out XRP for internal processes—not for consumers. Ouch!

“Hello, This is a pilot program being tested on internal MoneyGram International processes and is not intended for consumer use.” — MoneyGram (@MoneyGram)

IOTA and Other Altcoins Join the Party

IOTA is experiencing a similar fate, following the revelation that Microsoft isn’t their official partner—merely a participant in their marketplace. Disappointment, much? On top of that, Cardano (ADA) and Tron (TRX) have reported losses of 13 and 17 percent, respectively. Currently, Cardano’s value stands at approximately $0.76, while Tron is around $0.092.

The Plummeting RaiBlocks

RaiBlocks isn’t escaping the carnage either. It’s down by 16 percent and is now priced at about $21.19. Their recent troubles stem from a compromised web wallet, instantly making investors feel like they’ve just stepped on a rake. Pro tip: Always double-check your wallets, or you might find yourself in a sticky situation like RaiBlocks.

Shining Bright in the Gloom

While some suffer, others rise. Ethereum Classic (ETC) has managed to outperform the rest, showcasing a stunning gain of over 17 percent, currently priced at $44.32. This surge can be attributed to a glowing endorsement from Michael Sonnenshein, the director of Grayscale Investments, during a recent CNBC interview, where he spoke favorably about the future of digital currency investments, specifically Ethereum Classic.

Neo also joined the gainers with a modest 3 percent bump, climbing to $137.45. Meanwhile, Bitcoin Gold saw minor growth at 0.37 percent with a trading price hovering around $297.98. On the flip side, Bitcoin itself is down about 7 percent, trading for an average of $13,474.70, which, let’s be honest, feels like a bargain compared to the December low of $12,850.