2018 started not the best way to bitcoin, but very good for the altcoins. Monday was not a good day for cryptocurrency market.
All cryptocurrencies included in the top 10 showed a negative trend in recent days, led Ripple, which in the last 24 hours has fallen by almost 28 percent.
Top 10 – all in the red zone
In particular, according to coinmarketcap, bitcoin fell 11 percent, Ripple – 28 percent, and Bitcoin is Cash – 20 percent.
Ripple losses were the greatest, especially given the growth of the currency over the last few weeks. The price of Ripple has reached a level of $ 3 in just a few days after she was added to the Bloomberg terminal at the end of December.
Ripple – the bubble?
Such a strong fall in the price of Ripple may be due to the fact that Coinmarketcap doesn’t include information on some of the South Korean exchanges, but there are other factors. For example, Erik Voorhees, Executive Director ShapeShift said:
The real reason that the price of Ripple is growing at such an incredible pace is that it is a bubble. An attempt to combine banks and cryptocurrency – is not washed away, because the basic idea of cryptocurrency is that you don’t need banks.
As you know Ripple is focused primarily on large financial institutions and banks. The adoption of this technology by major banks and spurred price.
See also Forecast the price of Ripple to 2018 (updated version)
However, many cryptocurrency enthusiasts say that centralization is the antithesis of digital currencies.
Many have interpreted the recent fall of bitcoin as a signal that capital flows into altcoins. Especially after the sharp increase in the price of Ripple, and even smaller cryptocurrencies such as Verge. However, today’s fall in the evidence in favor of the fact that all cryptocurrencies are somehow tied to the number one cryptocurrency, which is bitcoin.
There is a saying that “a rising tide lifts all boats”, but the same applies to low tide.
Famous cryptocurrency trader Ronnie Moas said recently that after the so-called season altcoins will come opposite trend and in his opinion, the growth will start with bitcoin, as the most successful cryptocurrency.
75 #billion dollar #rotation out of #bitcoin $btc and into #altcoins since bitcoin topped out at $20,000 … this is rotation #trade feels like it is almost over / I am now expecting and hoping for a #reversal on this … @maxkeiser @CamiRusso @gazza_jenks @Darryn_CoinTele— Ronnie Moas (@RonnieMoas) 2 January 2018