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The cryptocurrency market faced a massive crash on a Wednesday morning due to the warnings of potential risks in the digital wallet from the China Banking Association. The most popular digital currency, Bitcoin, incurred a drastic loss of $70 billion in the crypto-market in 24 hours. All the trending cryptocurrencies fell into a bloodbath after making investors nervous for the fear of cyberattacks from the dark web. The prices are recovering gradually after affecting the U.S. stock market for a short span of time. This fall can be the beginning of another period of uncertainty for cryptocurrencies.
Bitcoin is currently at a price of US$39,715.05 with a market cap of US$743.22 billion and a volume of US$150.50 billion for 24 hours. Bitcoin prices are bouncing back at the normal price even after the sudden fall in the market. This digital currency utilizes peer-to-peer technology to operate with large volumes of money without any authority from a bank. It is also open-source where the transaction is fast with low processing fees through worldwide payment systems.
Ethereum is currently at a price of US$2,578.29 with a market cap of US$299.42 billion and a volume of US$127.96 billion for 24 hours. Ethereum is a popular digital currency that is the community-run technology powering Ether. It is a safe home to digital currency, global payments, and different applications to earn a huge amount of money online. It helps to borrow and save products with a private transaction between two parties and excluding third-party intermediary companies. The active users have a secured and built-in guarantee that the transaction will be processed only after the official agreement of the deal from both parties.
Dogecoin is currently at a price of US$0.353571 with a market cap of US$50.71 billion and a volume of US$8.99 billion for 24 hours. Although this digital currency was created as a joke it has shown immense growth from the viral Elon Musk tweet. It became popular for some practical efficiency with its unlimited supply and low price in the global market providing the power to inflate infinitely.
Litecoin is currently at a price of US$212.97 with a market cap of US$13.74 billion and a volume of US$15.19 billion for 24 hours. It has shown a tremendous effort in gaining nearly 50% loss in the Wednesday crash. It is the thirteenth-largest digital currency that illustrated its rebound strategy to the upper trend-line. It is expected to reach $220 indicating a strong buyer activity at the price level.
Ripple is currently at a price of US$1.15 with a market cap of US$114.94 billion and a volume of US$18.92 billion for 24 hours. The swift recovery has shown that it is indeed an open developer platform that enables business leaders to send and receive payments across any currency or network without any hindrance. It has a superior speed, low-cost ad sustainability in the digital wallet that unlocks new experiences in various industries.
Cardano is currently at a price of US$1.58 with a market cap of US$50.75 billion and a volume of US$15.89 billion for 24 hours. The main aim of Cardano is to strive to deliver new ways of transacting, interacting, and governing the global payments system. It works on a specially designed proof-of-stake blockchain protocol for consensus known as Ouroboros. Cardano has become one of the fastest-growing blockchain assets in the digital currency market. It ensures unlimited scalability that allows updates to be performed with quick transactions.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
