Current Cryptocurrency Landscape
As of July 13, the cryptocurrency market is experiencing a bit of a tumultuous day, with most of the top 20 cryptocurrencies reporting losses. Bitcoin (BTC) has once again fallen below the $11,450 threshold, currently down by more than 1% at roughly $11,430. Interestingly, despite today’s dip, Bitcoin has managed to gain about 3.8% over the course of the week. It seems like the crypto rollercoaster just keeps climbing and dropping at surprising speeds!
Bitcoin and Its Peer Performances
The largest digital currency remains that the eyes of the public, yet its usage as a payment option has come into question. The Chairman of the United States Federal Reserve has pointed out that virtually no one uses Bitcoin for day-to-day transactions, labeling it as a speculative asset akin to gold. I guess that makes Bitcoin the “golden child” of the digital age but with a much better trading platform!
Ethereum’s Struggles
Ethereum (ETH) is still reigning as the leading alternative cryptocurrency, or altcoin, with a market cap hovering around $28.7 billion. However, even the “digital oil” isn’t immune to market fluctuations and has seen a decrease of nearly 1% in the last 24 hours, trading currently at around $269. Unfortunately, ETH has lost over 7% over the past week, perhaps needing a pep talk or two to revive its spirits.
The Ripple Effect
Meanwhile, Ripple’s XRP is feeling the heat today as well, down approximately 3.87% and trading at about $0.333. The coin has had a rough week, showcasing a decline of about 14.11%. It’s like a bad hair day — sometimes you just can’t do much about it!
Top Gainers in a Sea of Red
In an otherwise gloomy day for crypto, a few brave coins have defied the odds and reported gains. Chainlink (LINK) is stealing the spotlight with a solid increase of over 3.8%, followed by Monero (XMR) at up over 1.5%, and Cardano (ADA) sneaking in with a fractional gain. They must be feeling like the star players in a less-than-stellar game.
Market Capitalization Analysis
In conclusion, the total market capitalization of all cryptocurrencies currently stands at about $313.9 billion. This marks a drop of roughly 5% compared to its value from a week ago. As the co-founder of Ethereum, Mihai Alisie, highlighted, there are growing concerns surrounding major tech companies like Facebook and their attempts to engage regulators for approval of a centralized “cryptocurrency.” A thought-provoking concept, but let’s hope it doesn’t force us all back to traditional wallets!
