While the world of cryptocurrency continues to gain prominence among individuals, there have been some recent dynamic changes in crypto coins that have caught the eyes of cryptocurrency investors. In recent weeks, there have been some downturns in most crypto coins. Within the week, nothing less than $60 billion has been lost in the cryptocurrency market. Notable among this decline is XRP.
The XRP coin has been depreciating since Monday and has fallen to over 62% of its value. All these seem to have happened after SEC announced that they would sue Ripple for selling unregistered securities, claiming it was sold all wrong. XRP depreciated to as low as $0.21 since hitting the $0.26 level, one of the lowest it has gone in recent times.
XRP is witnessing a gradual comeback in the market
Irrespective of these irregularities and the blow that has been dealt with what is considered the world’s third-largest cryptocurrency coin (XRP), Bitcoin has continued to experience a steady boom. Currently, Bitcoin has the highest level it has ever gone since its inception. The world’s largest cryptocurrency continues to make waves in the crypto world.
Though it experienced a little shake as it depreciated to $22,600, the world’s largest cryptocurrency was quick to bounce back to $23,000. For Ethereum, the world’s second-largest cryptocurrency network, the story wasn’t all that juicy too. This week, Ethereum also had its share of the loss but not as terrible as XRP. ETH depreciated to about $550 per 1ETH, going 12% below its value. There has been some considerable increase, and ETH is slowly working its way up to the $600 level.
DeFi tokens are seeing a good time in the market
For the DeFi market, the dollar value has not taken any trendy change as the ATH coin continues to plateau within $13 billion and $14 billion. The SUSHI token and LINK token also had a shake. SUSHI token fell but was quick to get back to good stands.
LINK also lost some value but could work their way up to about half of their initial value. Joining XRP in the depreciation of value were other crypto coins such as HAKKA, which lost over 50% in value, SWRV, which lost over 30% in value, CRV lost over 28% in value, and COVER, which lost over 20% in value.
SNX took a rather dramatic turn as it first increased the value of over 40% before rapidly depreciating to over 24% below its value. Collectively, the total altcoins’ market value resulted in a loss of about $30 billion. This loss of value seen with the altcoins this week has touched many altcoin investors, but then, Bitcoin investors continue to smile at the Bitcoin market’s increasing value.
Bitcoin has overtaken the altcoins in dominance, with Bitcoin commanding over 70% dominance. Generally, the cryptocurrency market has not been good going into the yuletide season. Except for Bitcoin users, the other cryptocurrency investors will hardly give a smile.
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