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Cryptocurrency prices are still down following Wednesday’s drastic drop. At the time of writing, nearly $40 billion has been erased from the total market capitalization of all cryptocurrencies, with the current market cap weighing in at around $200 billion.
As avid cryptocurrency supporters will undoubtedly know, most major cryptocurrencies have remained significantly down ever since Wednesday’s significant drop, with the general cryptocurrency market cap showing minuscule hopes of rapid improvement.
It is, by now, generally accepted that Wednesday’s market plummet was caused mainly by Goldman Sachs’ decision to postpone their cryptocurrency trading desk due to regulatory uncertainties and to instead refocus their efforts and resources towards a cryptocurrency custody product.
At the time of writing, Bitcoin is currently experiencing a slight mid-day plunge – although comparatively minor compared to Wednesday’s significant devaluation of the cryptocurrency – and is now valued at $6,371.
Nevertheless, this is no significant change from Bitcoin’s intraday low, which was around $6,302.
Although an earlier bull correction attempt was noted by observers, the cryptocurrency has now fallen again, as sellers of Bitcoin have exited long position around the $6500 barrier, causing the cryptocurrency to reduce in value to the current price.
However, the general market is decidedly fragmented. Some cryptocurrencies, such as Ether, Bitcoin Cash, and ADA are currently exhibiting slight losses during the day.
Nonetheless, there is a veritable plethora of coins that are currently in the green, such as Ripple, EOS, Litecoin, and Stellar, showing gains during the last 24 hours.
This would, therefore, seem to indicate that the market is very much divided at the moment being, with Ether resuming its downtrend, currently being valued at an ETH/USD price of $220.
Ripple (XRP) is one of the coins showing gains during the last 24 hour period, if ever so slightly, and XRP/USD is currently valued at around $0,29.
Bitcoin Cash has also fallen sharply from the higher levels seen by the cryptocurrency a mere week ago, and the BCH/USD price is currently at around $507 – showcasing a slight downtrend.
EOS has also seen some losses during the day, but these were regained during trading, and the EOS/USD price is now at approximately $5.11. However, whether the current support level of around $4.5 – $4.8 for the coin will be tested again is unsure.
Furthermore, Stellar is currently up significantly, showcasing 4.6% gains over a 24 hour period and is currently pegged at an XLM/USD price of $0.2. The Stellar support of more than $0.184 has similarly held ever since December, and this is a trend that would appear to continue.
In addition to this, Litecoin is – at the time of writing – also up, touting an LTC/USD pair price of $56.76, after having briefly touched a new intraday low of below $50.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.