Ripple, one of the major cryptocurrencies, became the worst performing crypto currency with the close of the first quarter. The entire industry was hit hard by regulatory concerns and advertising pressure in the first quarter.
According to CoinMarketCap, total market capitalization for cryptocurrencies has dropped more than 50 percent in 2018 so far.. Ripple, on the other hand, was the cryptocurrency that led this decline.. Ripple, the worst performing cryptocurrency according to CoinMarketCap, has lost more than 74 percent this year. According to data from CoinMarketCap, we also saw Bitcoin and Ethereum, the two largest digital currencies in the market, drop more than 40 percent.
San Francisco-based Ripple is developing a network for fast, global financial payments.. XRP is known on the network as a digital token that enables financial institutions to transact quickly.
According to data from CoinMarketCap, the cryptocurrency was priced at less than a penny in 2017, while it was a massive 35,000 percent by the end of the year. experienced an increase. While the dates showed January 7, Ripple reached a high level of $ 3.50.. However, we see that its current price is around 50 cents.
XRP, with a market value of over $21 billion, is traded on more than 60 exchanges.. However, it is not yet traded on the popular US crypto exchange CoinBase.. Speculations that it will be listed on Coinbase soon caused the crypto to increase in price earlier this year.
XRP price dropped by about 50 percent after the expected announcement was not made
In early March, CoinDesk A news report claimed that Ripple CEO Brad Garlinghouse and Coinbase President and CEO Asiff Hirji will announce a major exchange listing for Ripple on CNBC’s “Fast Money” program.. However, there was no such statement from either executive.
XRP price dropped by about 50 percent after the expected announcement was not made
BitBull Capital CEO Joe DiPasquale, as the biggest reasons for the decline; He cited it as the stagnation in ICOs and Facebook and Google banning crypto-related ads.. Joe DiPasquale added:
We believe that macroeconomic and regulatory factors and the market for many crypto products will recover for the rest of the year.
Total cryptocurrency market capitalization
Regulations were another factor in crypto sales
John Lore, managing partner of Capital Fund Law Group, commented on the market as follows:
There are a lot of short-term concerns about what various Asian regulators are doing, based on SEC-based regulatory uncertainty, as the European Union does.
Securities and Exchange Commission (SEC) ), we see that Bitcoin settled below the $10,000 level in early March, after crypto-asset exchanges had to register as a representative.. SEC statement clearly demonstrates its effort to maintain control over multiple exchanges with weeks of hearings.
Lore’s firm offers hedge funds and private equity groups in the crypto space.. And Lore describes the new funding, which has been in progress since February, as “unprecedented.”
Top five cryptocurrencies according to Market Cap YTD data
Earlier this week, it was the only one remaining in positive territory among the top 20 cryptocurrencies. crypto becomes VeChain. This digital currency has gained more than 28 percent since January 1. In the opinion of analysts, big-name partnerships and the unique nature of crypto encourage investors not to sell.
The digital currency Tron has also turned its price positive as of last week.. Compared to current figures, it increased by 9.25 percent in the first quarter.
Worst performing cryptocurrencies in the first quarter
Bitcoin Cash: -66.05 percent
Ripple: -74.87 percent
Cardano: -77.73 percent
The ratios of these two cryptocurrencies that performed the best in the first quarter were as follows:
VeChain: 26 percent
Tron: 9.25 percent
cnbc