| After starting the month of October on positive trend, the downward movement has started on Friday by almost all major cryptocurrencies. Bitcoin, the largest cryptocurrency, fell sharply on friday and continued the trend on Saturday as well. Bitcoin came down to price of $110,745 on Saturday from its all time high of 126,000 couple of days back. Bitcoin crashed over 7% on Friday itself and extended losses on Saturday, slipping another 2.3% after a sharp selloff in tech equities and risk assets as U.S.-China trade tensions escalated dramatically. President Donald Trump announced late Friday that the United States would impose new tariffs of 100% on all Chinese imports beginning Nov. 1, on top of an effective tariff rate. Bitcoin has seen a drop in value over last seven days as it lost 11.91%. This downward move brought Bitcoin’s market cap to $2,150.1.4B from its highest market cap of $2,488.1B. Ethereum, the second major cryptocurrency, lost over 12% on Friday while continuing downward slide on Saturday as well. Ethereum is trading around $3,700 after reaching $4,500 couple of days back. Ethereum is now settled on market cap of $434.7B from its highest market cap of $571.67B. The cryptocurrency is down more than 10% over the past 24 hours, while major tokens including Ether, XRP and Solana have lost between 15% and 30%. Another Cryptocurrency, Litecoin, lost over 13% on Friday and was trading on $103.76. This downward move brought Litecoin’s market cap to $9.4B from its highest market cap of $25.61B. XRP, bridge currency to facilitate fast and low-cost cross-border payments, was down by 10.42% on Friday and trading at $2.5050. The move downwards pushed XRP’s market cap down to $155.7591B from its highest of $210.6006B. |
Cryptocurrency on reverse trend
