The cryptocurrency market has been relatively stable for the weekend, and about a half of the top cryptocurrencies by market cap have seen greens lately. This mixed price action is in the recent crypto news, where Bitcoin is still stable at the $6,300 mark after falling down from about $6,700 a few days ago.
Bitcoin and Ethereum saw changes in its value of under 1% lately. Right now, Bitcoin is trading at $6,314 and Ethereum is stable at $200. The rest of the altcoins including Ripple, Bitcoin Cash, EOS, Stellar and Litecoin have all seen red in minimum 1% plummets.
Ripple, however, has dropped by around 2% yesterday and is now trading at $0.41. With this, the third largest cryptocurrency by market cap is still about 50% over the past 30 days, due to its impressive price surge on September 20th.
The total market capitalization right now is hovering around the $202 billion marks to press time. Currently, it amounts to $202.5 billion, seeing an improvement from yesterday. The daily trade volume of the entire market has dropped below $10 billion for the first time since August 26th, when Bitcoin was trading close to $7,000 and Ethereum was above $270.
Many analysts are tweeting polls and looking for answers right now, and the speeches where crypto is “debunked” continue.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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