Since then, the bitcoin price has adjusted, and most of the cryptocurrency market followed. Bitcoin is currently priced at just over $ 35,000, and while traders expect the withdrawal to be a healthy correction that bitcoin needs to maintain momentum upward, some speculate that the cryptocurrency may fall below $ 20,000.
Bitcoin price movement has also changed in the altcoin market as usual, with several popular cryptocurrencies emerging along with BTC. In particular, Ether (ETH), the original token for the Ethereum platform, has doubled in value in the last month and is now more than $ 1300.
While Bitcoin has reached full-time, many of the top 100 companies have not yet reached it despite massive price increases. This may indicate that each new season is coming, especially as more DeFi tokens enter the top 20 market value, although Bitcoin’s price direction is still uncertain. Jonathan Hobbs, author of The Crypto Portfolio and former Digital Asset Manager, told Cointelegraph:
Bitcoin’s dominance over digital currencies is beginning to wane. While “All Seasons” is not perfect, the characters are definitely in the same place. I want Ethereum to break the $ 1500 level at the end of each season to confirm.
While the recent increase in cryptocurrencies has pushed the global market value of cryptocurrencies to one trillion dollars, there have been several well-known cryptocurrencies that for various reasons have not kept pace with the growth of Bitcoin.
Bell and the law
After some sharp moves in November, XRP began to decline on December 22 after reports that the US Securities and Exchange Commission was preparing to sue Ripple CEO Brad Garlinghouse and co-founder Christian Larsen. Since the company has previously addressed other issues with regulators, many had hoped that the news would have no bearing.
But by December 23, the XRP was down 41%, and stock markets began to remove the cryptocurrency. At the end of December, XRP was removed from major exchanges such as Coinbase, Binance US and OKCoin, with a few exceptions such as Uphold and GateHub, which allowed the cryptocurrency to trade for a court order. XRP is currently priced at $ 0.28 and has reduced approx. 47% in the last 30 days.
Stay up to date with the news
With Bitcoin accumulating in December and January, ether accumulated side by side. Airtime has grown significantly since December 18, but it has barely reached its peak today. However, other projects focusing on smart contracts have not kept pace with the growth of ether. These include NEM, EOS and Tron, each ranked among the top 30 companies with the largest monthly losses in the top 100 cryptocurrencies by market value.
Although NEM has lost 21.6% of its value in the last 30 days, it follows a sharp price increase in November. The prices of EOS and Tron fell by 11.6% and 2.69% respectively. Block.one, the company behind the EOSIO ecosystem, and Tron have previously faced regulatory issues: the former received a $ 24 million fine from the SEC in October 2019, and the latter is currently facing lawsuits related to 2017 filing. …
The most likely reason why these companies have not grown with Bitcoin seems to be considered a direct competitor to Ether, which emerged last month and hosts much of the DeFi industry. Hobbes told Cointelegraph:
Bitcoin and Ethereum have already proven their existence with real-time use and powerful network effects. Bitcoin is digital gold. Ethereum accounts for more than 95% of all DeFi-smart contracts. I think that makes them less speculative than other digital assets at the moment. ”
Monero, Dash, Zcash and other privacy currencies
Cryptocurrencies have also been criticized by regulators in 2020. On January 1, the US Bittrex exchange announced the removal of Monero (XMR), Zcash (ZEC) and Dash, the three largest anonymous cryptocurrencies on the market. While standardizing these cryptocurrencies was a Bittrex initiative, it was not a complete surprise, especially as regulators continue to fight cryptocurrencies.
On December 23, the US Treasury Department’s economic crime network launched a proposed rule change that anonymized enhanced cryptocurrencies such as those mentioned above become more popular and are considered closely related to illegal activities such as money laundering, etc …
As frequent breaches of decentralized economies and other groups of cryptocurrencies continue to emerge, when dumped on the cryptocurrency exchange, this is also happening.