Very eventful day on the markets was this Monday, January the 8th. Everything started on Asian markets as it always does. Etherium is the winner of the year so far. Gains for this cryptocurrency are consistent, unlike other cryptos, his one seems to be stable. So far…
Asian markets see steady rise in price of Ethereum, but it couldn’t be said the same for Ripple or other cryptocurrencies. There was a lot of volatility these days. Bitcoin had great rally today, reaching above $17.000 on some exchanges, only to have another fall. Finally Bitcoin was down 7.6%. It is important to note that Bitcoin futures traded at CBOE also fell. They fell by as much as 10.5%. Ethereum traded higher than $1,140.56, which is 4.6% increase. This day was very hard day for traders who trade Ripple.
What happened to Ripple?
Ripple, cryptocurrency which had heroic rise in 2017 seems to be losing steam. In 2017 it grew by more than 35,000%, but this year growth seems to be halted. After achieving more than $100 billion market cap it fell by 10%. According to Coinmarketcap.com its price went down by almost 25%.
It appears that Ripple haven’t lost that much in value, but most of the losses can be accounted to the fact that Coinmarketcap.com decided to exclude data relate to some cryptocurrencies from Korean exchanges. One of those cryptocurrencies is Ripple. So Ripple’s full value is a mystery for now, because it doesn’t include Korean markets and their prices. You can check out the dip that happened around 15 h today at the picture below.
This act wasn’t expected and caused some panic, since traders who trade Ripple thought steep fall in Ripple price was real and then started to sell XRP in order to save profits they were afraid of losing. Thanks to that it’s really hard to assess the true market cap of Ripple at this time. This is very controversial move by Coinmarketcap.com since South Korean cryptocurrency exchange market is accountable for more than half of global Ripple trades.
This was seen as confirmation of theory that Ripple is just another bubble. But that wasn’t the case, it was just about the Coinmarketcap.com. Ripple is quite different from other cryptocurrencies in the way it has been working with large institutions. This fact makes Ripple seem as legitimate and practical product. But on the other side it is centralized and centralization is something blockchain is invented to avoid.
Trade Ripple – How To Trade?
If you wish to make money trading Ripple, now is a good time to do so. Trading is simple, you invest money, buy Ripple and wait for it increase value. Or if you are after more dynamic approach you can engage in day trading. Buying at lows and selling at highs. Style you choose is up to you, but first step is the same regardless of your trading style. That is opening account and start trading. You can do so by clicking on the button below the text and opening free trading account at well-trusted broker – IQ Option.