The crypto-asset market kept falling this week. Last Wednesday evening it had $121 billion USD in total capitalization, but that number fell this week to $108.93 billion, losing $12.07 billion.
It must be noted that the market hit rock bottom last Friday at $103 billion USD of total capitalization. Despite the slight recovery, it wasn’t enough to recover the losses accumulated over the last month.
Most surely, 2018 will be remembered as the year cryptocurrencies let down millions of investors who gambled in this financial market. Now is moment to be alert of what 2019 has in store; some sector experts claim there will be positive numbers by the summer.
There were some surprises in this week’s cryptocurrency Top 10.
The first one was Bitcoin Cash ($99.82 USD), falling to 7th place as a result of a bifurcation three weeks ago, which has significantly weakened this cryptocurrency.
Another example is Litecoin ($24.18 USD), in the 9th position. This cryptocurrency showed promising results around mid-year, but has been losing momentum over the last few months.
There’s also de case of TRON, which jumped to the 10TH place, at $0.013243 USD. The last surprise was Tether climbing to 5th place, with a value of $1.01 dollars. This stablecoin shows a bull trend compared to the other nine cryptocurrencies in the graphic.
Bitcoin is still first with a value of $3,446 USD, followed by XRP ($0.304781), which has managed to keep the 2nd spot. Ethereum ($88.92), whose bearish trend goes back almost three months, is still in 3rd, followed by Stellar ($0.112362).
This week there was seemingly contradictory news for the cryptocurrency market.
One of them is the Reuters report on the CEO of Allianz Gl, Andreas Utermann, who said last week during a summit in London that cryptocurrencies should be banned after the plunge of the digital market.
On the other hand, Germany’s second biggest stock market partnered with SolarisBank to open a cryptocurrency Exchange, scheduled to open in March 2019. The project is part of SolarisBank “Blockchain Factory” initiative.
To conclude, news that seem to worsen Ethereum’s already complicated situation: The Constantinople hard fork.
GitHub activated the bifurcation’s code on Tuesday: “It's also our last planned release of the 1.8 family (we'll still do hotfixes if need be), meaning that we'll start merging backwards incompatible changes onto master in preparation of Geth 1.9.0”, was informed before the launching.
To sum up, apparently the world is torned between the advantages and disadvantages of promoting this financial market, while millions of people are caught between their emotions and disappointments; however, there should be more research on this economic sector in order to make the right financial decisions.
By Omar Cortés