The markets are operating negatively on January the 8th. Some days ago, the market capitalization of the total cryptocurrency market reached new all time highs $830 billion dollars. Now it seems that investors are taking some profits. Since the beginning of the year that the market grows without stopping. This is the first correction of the year, and Ethereum is the only survivor, at least until now.
Ethereum the Exception to the Rule
Ethereum has also been receiving important support in the last weeks. It has been breaking record after record. Now it has reached a new all time high when it crossed $1260 dollars. Ether (ETH), the currency used in the Ethereum’s platform has recovered the second position in the market capitalization ranking. At press time, it’s growing 1.36% in the last 24 hours.
Ripple (XRP) has been in a bull trend that took this cryptocurrency to be the second cryptocurrency in importance by market capitalization. But Ethereum, without stopping its healthy growth has maintained its market capitalization and now increased its price. Besides that, Ethereum’s community is discussing possible ways to scale the network.
Bitcoin, the ‘king’ of the cryptocurrencies, is 9.34% down at the moment of writing this article. There has been important information for Bitcoin in the last hours. For example, Microsoft has stopped accepting Bitcoin. The main reasons may be the high fees, the slow transaction times and the high volatility that the cryptocurrency market faces. It is not the first time that Microsoft stops accepting Bitcoin. In the past it has done it and started to accept it again later.
We have written how Ripple increased its price during the last weeks. It has received an incredible support from different financial institutions and banks. And there are rumours that it could soon be used by Western Union to process international payments.
3 of the top 5 global money transfer companies plan to use XRP in payment flows in 2018. Even more in the pipeline. https://t.co/5JOlxe20Ur
— Ripple (@Ripple) January 5, 2018
But today is following the downtrend that started yesterday. It is being traded around $2.44 and it has lost almost 30% in the last 24 hours. On January the 7th it has reached a new all time high when it arrived at $3.8 dollars.
This famous cryptocurrency founded by Charlie Lee, is also operating negatively. It has los 15% in just one day. Some days ago it crossed the resistance level at $250 and now is testing it back as support. We will see in the coming hours whether it will be possible to stay up of this level or if it will keep falling to previous prices near $220 dollars.
On January the 6th, Charlie Lee announced that Litecoin will reduce its fees from 0.001 LTC/kb to 0.00001 LTC/kb.
For the next release of Litecoin reference client, we will reduce the relay fees from 0.001 LTC/kb ($0.30/kb) to 0.00001 LTC ($0.003/kb). We hope to have that out next week. Once people are using the new relay fees, we will reduce the actual min fee to 0.0001 LTC/kb ($0.03/kb).
— Charlie Lee [LTC] (@SatoshiLite) January 6, 2018
Its market capitalization arrives at $13.77 dollars and its being traded at $251 dollars. Litecoin’s price could receive an important price bump when the Lightning Network and Atomic Swaps will be available. The same would happen to Bitcoin. About that, CoinStaker has written how these upgrades can affect the two networks.
Only 18 over 100 cryptocurrencies are operating positively. Besides Ethereum, there are are no top ten cryptocurrencies in this list and just one in the top 20, ICON (ICX).
Tron (TRX) that entered into the top ten currencies by market cap is now losing almost 8%. Dash could soon recover and overtake this less known cryptocurrency again. Stellar is also losing positions after reaching the 5th place by market capitalization. Now it has lost 12% and is in the 8th position near IOTA.