The troubles of Cryptoshere is not yet over. On Tuesday the Markets seem to be recovering well with all top 10 in green and Tron leading the pack with 12 per cent upsurge.
Alas! On Wednesday the situation is a far cry as the markets are in scarlet red. All top 10 on CoinMarketCap, for instance, are bleeding with IOTA, the Blockchainless platform leading with a 5.55 per cent downward trend.
All top 100, only 17 currencies were in the green with scanty gains. However, Huobi Token stood out with 12.75 per cent gain at the 54th spot.
Crypto Markets have plunged since last 2017 with serious losses. As a matter of fact, total market capitalisation has dwindled from $800 Billion to the $280 Billion echelons.
Market leader Bitcoin is in the red with 1.29 per cent. At press time its price was $6,662.13. It is interesting to note that Bitcoin actually hit $20000 late last year.
Ethereum price is in fact, $525.47 add recorded the least depreciation on top 10. The king of Smart Contract dipped only 0.20 per cent.
On the 3rd rank is Ripple, the bank transfer Cryptocurrency. Selling at $0.530658, it lost 2.25 percentage point.
The story was no different for 4th placed Bitcoin Cash. Throwing away 1.74 per cent, the exchanges were selling it for $873.44.
EOS was the 5th most expensive cryptocurrency at press time. Its decline rate was 2.71 per cent with a price of 10.32. As a matter of fact, EOS is currently transioning to their main net.
The silver of Cryptocurrencies, Litecoin fell 2.22 to sell at $96.31. This is a currency that was selling at almost $500 last year.
At number seven, Stella Lumen crumbled at 2.67 in growth rate. It could be bought for $ 0.229627 on the various exchanges.
Cardano posted a price of $0.158471 to maintain its 8th position in the rankings, however, it dropped 3.53 per cent points. This makes Cardano the second most deteriorated Crypto for the day.
IOTA sat at last but one on top 10 with the highest loss for the day. The market price was $1.13.
At the bottom of the elite cryptos rankings was Tron. It was sold for $0.047196 and slumped 0.92 to be the least depreciated coin for Wednesday.
Are We Sinking
Many antagonist of the Crypto industry are predicting the end time. But this beautiful ecosystem has seen worse times than this. Case in point is the 2013 depression which witnessed market capitalization goin down two thirds.
Many experts predicted that markets will bounce back in May but we are in June and the situation is no better. At CWS, we believe things will get better sooner than later.