Categories: Ripple

Ripple is the worst performer among major cryptocurrencies in the first quarter

Click here to view original web page at www.cnbc.com
Source: Ripple

Cryptocurrency ripple is the worst performer among the top digital currencies by market capitalization as the first quarter comes to a close.

The entire sector has taken a hit this year due to regulatory concerns and an advertising crackdown. Total market capitalization for cryptocurrencies has fallen by more than 50 percent in 2018 so far, according to CoinMarketCap.

Ripple is leading that downturn, and has lost more than 74 percent this year, according to CoinMarketCap. The two largest digital currencies by market cap, bitcoin and ethereum, are also down more than 40 percent, according to data from CoinMarketCap.

San Francisco-based Ripple is developing a network for fast, global financial payments. XRP is the name of the digital token that financial institutions on the network can use to transact quickly.

The cryptocurrency skyrocketed 35,000 percent in 2017 after kicking off the year at less than a penny, according to data from CoinMarketCap. Ripple hit a high near $3.50 on January 7, and was trading near 54 cents Thursday.

XRP, which has a market cap above $21 billion, is listed on more than 60 exchanges but is not yet available on popular U.S. exchange Coinbase. Speculation of when it might get added to Coinbase drove up prices earlier this year.

A CoinDesk article in early March added to speculation about a major exchange listing for Ripple, citing an appearance by Ripple CEO Brad Garlinghouse and Coinbase President and Chief Operating Officer Asiff Hirji on CNBC's "Fast Money" on Tuesday. However, the two were separate and unrelated interviews on the show, and made no such announcement.

XRP prices have since dropped by roughly 50 percent since then.

Joe DiPasquale, CEO of BitBull Capital pointed to crypto-specific events including Facebook and Google cracking down on advertising, and initial coin offering "fatigue" as reasons for the broader digital cryptocurrency sell-off.

"We believe the macroeconomic factors and regulatory factors and time to market with many crypto products will take the rest of the year to settle out," DiPasquale said.

Total Cryptocurrency Market Capitalization

Source: CoinMarketCap

Regulation was another factor in crypto sell-off.

"There's a lot of short-term trepidation based on regulatory uncertainty based on the SEC, with what the European Union is doing, and what various Asian regulators are doing," said John Lore, managing partner at Capital Fund Law Group.

Bitcoin began heading below the key $10,000 level earlier in March after the Securities and Exchange Commission said it will require digital asset exchanges to register with the agency. The SEC statement came after weeks of subpoenas to rein in control over the growing number of exchanges.

Lore's firm advises hedge funds and private equity groups in the crypto-space. He said he's seeing an "unprecedented" number of new fund starts continuing from February.

"I think the sell-off this year has more to do with short term concern than any long-term general distaste for the asset," Lore said.

Top Five Cryptocurrencies by Market Cap YTD

Source: CoinMarketCap

Earlier this week, the only cryptocurrency in the top 20 by market cap in positive territory was VeChain.

That digital currency has gained more than 28 percent since January 1, which one analyst says is thanks to big-name partnerships and a unique structure that incentivizes investors not to sell.

Digital currency tron also turned positive as of Thursday, and is now up 9.25 percent for the quarter.

WORST CRYPTO PERFORMERS

BEST PERFORMERS:

  • VeChain: 26 percent
  • Tron: 9.25 percent

The entire sector has taken a […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoin’s Bulls Now Have a Target of $13.2K, Monthly Chart Suggests

View Bitcoin charted an "inside bar" pattern last month, making $13,200 the level to beat for the bulls. A convincing… Read More

6 hours ago

Japan to Solarize Its Burgeoning Digital Economy, Expert Take

Society is now witnessing the implementation of digital currencies, artificial intelligence (AI) and blockchain technology worldwide. These new digital technologies… Read More

6 hours ago

Mass Media’s Phony Freakout Over Bernie’s WaPo Criticism Is Backfiring

Authored by Caitlin Johnstone, After days of ridiculous, hysterical garment rending by mass media talking heads in response to Senator… Read More

12 hours ago

Quadriga CX Dukes It Out with “Failing” Auditing Firms

Quadriga CX , the crypto exchange in Canada that lost all access to customers’ funds when its founder passed away… Read More

12 hours ago

The Bearish Trends That Continue to Strike Bitcoin

At press time, bitcoin – the granddaddy of all crypto – is once again down for the count. Bitcoin Is,… Read More

12 hours ago

Will Growing Interest from China Propel Bitcoin’s Price Higher?

Bitcoin (BTC) has incurred a significant amount of volatility as of late which was perpetuated yesterday by news regarding the… Read More

12 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More