The cryptocurrency market has taken a beating this week after CoinMarketCap unexpectedly removed South Korean exchanges from its index, which in turn caused major but temporary uninformed panic sell-offs.
What started out as a scary week for cryptocurrency has begun to make its way back. Like any market, corrections are inevitable but this week proved that the cryptocurrency space is not for the faint of heart. As you can tell from the 7-day graphs above, every top 10 coins say major dips besides ethereum which still saw high volatility.
Litecoin, what was the most highly favored altcoin going into the holiday season and 2018, seems to have hit somewhat stagnant growth. In just over a week’s time, in mid-December, the coin grew almost 150%. Since that time, however, there have been varied complications such as brief moments of struggling cryptocurrency market, large exchange transaction backups, and the CoinMarketCap fiasco.
Litecoin’s founder, Charlie Lee, just before Christmas sold all of his Litecoin claiming “conflict of interest” and received a 7,500% return on his investment. Litecoin’s blockchain once stood out among the top altcoins for its top transaction speeds and larger blocks but since has been overshadowed by newer rising altcoins that offer even faster transaction speeds with niche markets. There haven’t been many new developments on an expansion of the project but many litecoin loyalists are in it for the long-term potential rather than the potential short gains.
Litecoin is currently selling at $236.45, up 3.4% for the day and -26% for the month.
Bitcoin’s (BTC) price has begun leveling off in the last month, as its futures began trading on major exchanges. In the run up to the Bitcoin futures, the cryptocurrency grew $1,000 a day, for a few days. Since various issues have occurred within the cryptocurrency market and new investors have been temporarily blocked from entering big-time exchanges, Bitcoin seems to have just stumbled along.
Currently, Bitcoin is selling at $13,906.80 a coin, up 3.93% for the day but down -20.71% for the month.
Ethereum (ETH) has had the most successful week this week, breaking a record high over $14,000 this past Wednesday. Ethereum’s blockchain, however, has been dealing with several issues and it is unclear why the coin has done significantly better than its counterparts. Many of its investors are holding the coin for its long-term potential, as its developing team is working hard on its current scalability issues. Ethereum stands out from Bitcoin, due to its smart contracts which offer possibilities of various things to be built on top of its blockchain.
At time of reporting, Ethereum is selling at $1,236.64 up 9.34% in 24 hours, and up a staggering 1830.65% for the month.
The biggest gainer on today’s cryptocurrency market is #5 Cardano, which is up 34.80% with #8 Stellar, following closely behind up 26.52%.