The new year began with new hopes and all seemed to be going well until Bitcoin decided to head south, causing other cryptocurrencies to follow its path into the grizzly butcher shop.
Bitcoin, the world’s first cryptocurrency, celebrated its 10-year anniversary of the genesis block recently, and the prices were doing well after a sharp drop last year. However, on January 10, 2019, 06:00 UTC, the prices took a U-turn and started heading south with no signs of restraint.
The one-day candle shows a massive drop in price from $4,025 to $3,813, which is a massive $212 price reduction in a day. The wick of the candles dipped even further down, as low as $3,758.
As per the charts form CoinMarketCap, the prices fell down in two successive steps, the first one is the same as mentioned above, whereas the second one took place on the same day at 21:34 UTC when the prices fell down to $3,667. The prices are still holding at this level and show absolutely no signs as the prices could move either way.
The 24-hour trading volume for Bitcoin was $7.12 billion, which was more volume than what it was before the drop. BitMEX is still the largest source for Bitcoin’s trading volume as it contributes a total of $1.7 million in trading volume via the trading pair BTC/USD.
Most of the cryptocurrencies, including XRP, are still swayed by Bitcoin and the price of these altcoins in most instances always follow Bitcoin’s trend.
The same happened on January 10, 2019, for XRP as its price fell down from $0.38 to $0.36 during the same time when Bitcoin collapsed. As per the data obtained from CoinMarketCap, the XRP prices also fell down in two fell swoops. The second drop came around the exact time that Bitcoin fell i.e., at 21:31 UTC.
The decline caused XRP to plummet from $0.34 to $0.32. The prices are currently hovering around $0.3283 and market cap at $13.53 billion. The trade volume for XRP has actually increased from about $600 million to $782 million even after the crash in the prices.
The trade volume for XRP comes mainly from the Korean markets via the exchange, UPbit and trading pair XRP/KRW, which is followed by ZB.COM via the trading pair XRP/BTC.
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