Bitcoin Hovers Under $3,450 as All Top Cryptos See Moderate Losses


0

Thursday, Jan. 31 — all of the top 20 cryptocurrencies are reporting moderate to heavy losses on the day by press time. Bitcoin (BTC) is hovering under $3,450 again, according to Coin360 data.

Market visualization from Coin360

Market visualization from Coin360

At press time, Bitcoin is down just 1 percent on the day, trading at around $3,449, according to CoinMarketCap. Looking at its weekly chart, the current price is lower than $3,593, the price at which Bitcoin started the week.

Bitcoin 7-day price chart. Source: CoinMarketCap

Bitcoin 7-day price chart. Source: CoinMarketCap

Ripple (XRP) has lost nearly 3.4 percent in the 24 hours to press time and is currently trading at around $0.308. On its weekly chart, the current price is lower than $0.316, the price at which XRP started the week. The current price is also lower than $0.333, the mid-week high reported earlier today.

Ripple 7-day price chart. Source: CoinMarketCap

Ripple 7-day price chart. Source: CoinMarketCap

Ethereum (ETH), the second-largest altcoin by market cap, has also seen its value decrease by over 2 percent over the last 24 hours. At press time, ETH is trading around $106, having started the 24-hour period about 3 dollars higher. On the weekly chart, Ethereum’s current value has dropped from $116, the price at which the coin started the week.

Ethereum 7-day price chart. Source: CoinMarketCap

Ethereum 7-day price chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, the coins experiencing the most notable losses are Nem (XEM) — which is down over 11 percent — and Tron (TRX) and Bitcoin SV (BSV), which have both shed about 5 percent in the past 24 hours.

The combined market capitalization of all cryptocurrencies — currently equivalent to $113.4 billion — is about 6 billion lower than $119.8 billion, the value it reported a week ago. On Jan. 29, total market cap hit an intra-month low of about $111 billion.

Total crypto market cap 7-day chart. Source: CoinMarketCap

Total crypto market cap 7-day chart. Source: CoinMarketCap

As Cointelegraph recently reported, the Nem Foundation announced it has completely reformed its non-profit NEM Foundation amid financial difficulties. The Foundation, which previously had a budget with a monthly burn rate of 9 million XEM (equivalent to about $392,000), now plans to drastically cut costs.

Also, news broke today that South Korea will continue to ban initial coin offerings (ICOs) in the country, upholding a 2017 ruling.

Despite a persisting bear market, crypto and block startups continue to see waves of funding from investors within and outside of the industry. Just today, staking startup Staked announced it had sealed $4.5 million from Pantera Capital, Coinbase Ventures, Winklevoss Capital, and others.

On Tuesday, Jan. 29, Cointelegraph reported that a member of R3’s global blockchain ecosystem reported reaching its goal of raising $10 million, mostly from credit unions.


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
COINTELEGRAPH

Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds
List
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Countdown
The Classic Internet Countdowns
Poll
Voting to make decisions or determine opinions
Ranked List
Upvote or downvote to decide the best list item
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Meme
Upload your own images to make custom memes
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format