Todays Crypto Market Report starts with BitConnect. Once regarded as high potential alt coin, BitConnect has reached its lowest level since its inception. What happened? Everything started with announcement that BitConnect exchange is being shut down due to its legal issues. Regulatory bodies of Texas and North Carolina both issues cease and desist orders. Company announced this Tuesday that it is terminating its lending operation and exchange in five days. They have also suffered DDoS attacks which gave them bad publicity and company named that as one of reasons for terminating it exchange operation.
BitConnect digital token remains and company will continue to support that project. However there are many critic of the said token. Some of most influential people of cryptocurrency market have indicated that BitConnect is Ponzi scheme. Namely Vitalik Buterin, creator of Ethereum hinted he believes BitConnect to be Ponzi and Charlie Lee, creator of Litecoin openly claims that he himself doesn’t invest in BitConnect because he thinks it’s Ponzi scheme. What market thinks can be seen in the picture below.
Source: coinmarketcap.com – BitConnect cap chart
Crypto Market Report – Bitcoin Falls Below $10.000 But Quickly Recovers
In the past seven days we have witnessed all-round market correction. All cryptos, even Bitcoin lost a lot of value. Bitcoin is usually most stable cryptocurrency but it also wasn’t spared by this market correction. Price of Bitcoin in USD feel to 9.663 on Bittrex. Other crypto exchanges also had prices under $10.000. Recovery started and since then Bitcoin has gained in value. In time of writing this article according to Coinmarketcap.com the price of Bitcoin is $11,358.50. Bitcoins market cap has also recovered from its lowest point at $158 billion to its current $188 billion. This is still long way from its all-time high of $20.000.
Source: coinmarketcap.com – Bitcoin cap chart
Crypto Market Report – Full Market Recovery Starts
After days of correction market finally shows signs of recovery. Market cap went down to its lowest point of $415 billion on January 17th and just day later it has risen to $550 billion. Market correction has practically reduced market cap by 50% from its all-time high $835 billion. Altcoins with fastest recovery rate are Ripple (+18.37%), Cardano (+8.81%), Stellar(+12.06%), IOTA(+5.13%), NEM(+8.29%) and NEO(+7.45%). Bitcoin and Ethereum also started their recovery, but they both rose by less than 1%. You can check out market recovery on this graph that shows coin market cap.
Source: coinmarketcap.com – Crypto market cap chart
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