After the carnage that wrecked the markets with Bitcoin sinking to significantly low figures this week, the top three tokens in terms of market cap has seen a reshuffle.
Bitcoin remains as the number one cryptocurrency, however, it fell below $5,400 USD which is a figure that has been unprecedented this year. The token has remained relatively stable for the last few months, hovering between $6200 USD and $6300 USD but has dipped to range around $5600 USD. At the time of writing, Bitcoin is selling for $5,622.11 USD with a market cap of $97,7 billion USD.
While other tokens are seeing blinding red, Ripple is heading in the other direction. Snagging the second position, Ripple has knocked Ethereum into third place and is up in day-on-day trading by 3.73%. As seen below, Ripple’s XRP is yielding a market cap of $19 billion USD while Ethereum is bearing an $18,5 billion USD market cap. This is not the first time that Ripple has leapt up in position. In September of this year, the two cryptocurrencies were contending for the second position.
The crashing market and major sell-off has been attributed by several figures to the hardfork that Bitcoin Cash is going through. Meltem Demirors of Coinshares, for example, said that “[any] time there are hard forks things tend to trade weird and strange, so [she thinks] people are trying to take some risk off the table”.
As reported yesterday, a very plausible reason for the Bitcoin plummet is the confusion and fear, uncertainty, and doubt (FUD) that is surrounding the controversial split of Bitcoin Cash which is driving price and leaving the market shaken.