Cryptocurrency Prices Today, December 7: BTC Dropped by 12% in a Day, Cryptocurrency Collapsed

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coingecko, Bitcoin (BTC) lost a record 12.4% over the past 24 hours. The price at the time of writing is $3377 per coin.

Following BTC, cryptocurrencies fell in price:

Bitcoin Cash lost 19.11% over the past 24 hours and costs $110 per coin;

Ripple fell by 12.3% and has a rate of $0.30;

EOS minus 25.04%, and its price is $1.70;

Litecoin decreased by 14.9%, and its cost is $25;

Cardano lost 17.72%, and its value is $0.028;

Stellar became cheaper by 17.42% and costs $0.10;

IOTA dropped by 17.53%, and its value is now $0.24;

Dash fell by 21.65%, and its price is $61;

Monero lost 2.18% and costs $45.

Over the past 24 hours, Ethereum dropped by 17.63% and continues to decline. The coin rate crashed down to $84, according to Coin 360.

The total market capitalization fell to $107 billion. Bitcoin accounts for 55.2% of the total volume. In monetary terms, it is $59 billion.

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800% Increase In Money Laundering Cases Connected To The Cryptocurrency

According to the report published by the news media outlet “The Japan Times”, the National Police Agency in Japan registered about 6000 cases of money laundering connected to the cryptocurrency industry. The figures were taken from the research in the period from January to October 2018.

The amount of cases has raised showing an 800% increase in compare to the period from April to December 2017.

An NPA official commented on this situation:

“We have seen some large-scale cryptocurrency thefts, and operators are believed to be scrutinizing transactions more rigorously.”

In the report, NPA also emphasized on the vulnerabilities of the cryptocurrency transactions. Anonymous transactions can be transferred to overseas, due to different cryptocurrency regulations in various countries, it is hard to track the culprit.

We remind you

How to Determine Whether a Cryptocurrency Is Reliable and Invest Your Money Properly?

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Lightning Network of Bitcoin Blew Up: A 1600% Increase Since Last February

The BTC Lightning Network which was created to fight with the issue of Bitcoin scalability is developing at a huge pace. The story began last February. Back then, the network only had 1 thousand channels, worth 4 BTC per channel.

The network started growing. In August it already had 11 thousand channels with a price of 97 BTC per channel. We remind you:

The Number of Channels in the Bitcoin Lightning Network Exceeded 11 Thousand

And then Bitcoin Cash hardforked, and things went wild. The Lightning Network literally blew up. At the time of writing, the number of its channels equals to 16677. This means an increase by 1600% since the February of 2018.

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Bitcoin Is Plummeting Down: The Price Fell Lower than $3.4 Thousand

It seems like Bitcoin decided to end the year of 2018 with a record low exchange rate. The coin dropped by more than 11% in the last 24 hours and fell beneath the price point of $3400. Currently, it remains extremely unstable.


Source: CoinMarketCap

The market cap of BTC has also dropped significantly. Most Bitcoin holders are now hurriedly converting their BTC funds into USD or other more stable cryptocurrencies. Unfortunately, it seems like the downtrend of November keeps worsening in December. Hopefully, the new year of 2019 will bring a fresh start for Bitcoin and crypto industry as a whole.

We remind you:

November Has Not Been Quite Lucky for Bitcoin: The Monthly Performance

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Vinny Lingham is Clear About Bitcoin: “I don’t think we see $20k for a while”

Significant part of crypto community, still cannot recover from the fall of the cryptocurrency, the rate of which is still in a red zone. According to the CoinMarketCap, Bitcoin, at the moment of writing the article, is set on at $3 747 per coin and still falling.

But some representatives of crypto community have their own view about the situation on the market and predict their own price of Bitcoin.

Vinny Lingham, an Internet entrepreneur, Co-founder and CEO of Civic, has answered to a few question of The Coin Shark, to clarify the situation on the market:

Hello, Vinny. What do you think, will Bitcoin be able to overcome the $20 thousand mark next year?

I took a $20k bet with Ronnie Moas in Vegas, last month. He predicted $28k by EOY 2019. I disagreed. I don’t think we see $20k for a while, at the very least 2020, but possibly even 2021.

In your opinion, what is the problem with cryptocurrency at the moment?

There is too much hype, and not enough substance, as well as too much focus on the technology and not enough focus on the business or consumer value add.

Can Ethereum become the leader in 2019?

It is possible, but unlikely unless they can fix the scaling issues and deal with the lack of consensus within their community.

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Cryptocurrency Prices Today, December 6: Ethereum Is on the Verge of a Psychological Mark of $100

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coingecko, Bitcoin (BTC) added 0.6% over the past 24 hours. The price at the time of writing is $3869 per coin.

Cryptocurrencies continue to decline:

Bitcoin Cash lost 11.17% over the past 24 hours and costs $145 per coin;

Ripple dropped by 1.54% and costs $0.34;

EOS minus 4.37%, and its price is $2.22;

Litecoin fell by 1.62%, and its cost is $29;

Cardano lost 3.79%, and its value is $0.034;

Stellar decreased by 5% and is $0.13 in price;

IOTA lost 1.49%, and its value is $0.27;

Dash fell by 3.30%, and its price is $79;

Monero dropped by 2.18% and costs $53.

Over the past 24 hours, Ethereum decreased by 4% and continues to decline. The cost of the coin is $102, according to Coin 360.

The total market capitalization is $123 billion. Bitcoin accounts for 54.7% of the total volume. In monetary terms, it is $67 billion.

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Bitcoin`s Overvaluation: Who Can Take Its Place?

Many experts think that Bitcoin is overvalued and that its real value is less, than the market one. Well, in this article let’s talk about the main cryptocurrency, discuss its disadvantages, the current situation, and forecasts for the future. So, first things first.

BTC`s place in rating now (rate, capitalization, market share)

The cryptocurrency industry is not having its finest hour nowadays. Over the past week, the market capitalization has decreased by $70 billion and today this mark is $123 billion. Despite the total prices collapse, Bitcoin retains its leading position – the market share of 54.4%. Now the market is too volatile, so the numbers that will be given in this material may differ from the real ones. For the moment of writing this article 1 BTC costs $3,880, and the capitalization of the coin is around at 67 billion dollars. It is possible, that when you read this article the above values ​​will be different.

Why BTC is considered as overvalued?

At the end of 2017, the BTC rate briefly exceeded $20,000. At that time, this asset was extremely overbought and overvalued. Euphoria reigned in the market, an increasing number of investors wanted to enter the market. But such a growth could not last forever, so a rapid pullback followed after.

Bitcoin has nothing to do with the physical world and by itself can not have real value, in the usual sense. What is BTC? This is just a set of data that is stored on the blockchain. Its value is determined by investors faith, as well as the users base. The problem is that the Bitcoin`s network in its current form is not able to process a large number of transactions quickly. This is one of the limiting factors on the coin`s path to get a universal acceptance.

Who can push Bitcoin from the first place?

Currently more than 2,000 different cryptocurrency projects are released. Is it really possible to find at least one coin from all this long list, that can take the first place in the global rating of cryptocurrencies? This is a rather complicated question, there is no definite answer on it. But speaking about the near future, the most answer will be “no”. The fact is, that now (the end of 2018) BTC holds a 54.4% share of the total cryptocurrency market. This means, that the remaining 2000-plus coins together make up only 45.6%.

But in the longer term, there is a chance, that some kind of token or coin will still be able to take first place. What cryptocurrency projects are capable to do this?

1.Ripple

Lately, it takes the honorable second place in global rating CoinMarketCap.

  • Price: 35 cents;
  • Market capitalization: $14 billion;
  • Issue: 100 billion tokens.

In short, the Ripple technology allows a large number of users to share assets at the same time. The project got its feet on the ground, and what is most important it is used in real life. This technology is used by large banks in order to reduce the cost of transactions (Earthport, Bank of America, HSBC, etc.). Ripple is able to process more than 1,500 transactions per second, with minimal fees (0.00001 XRP). Given the potential value of this project and the huge number of tokens, it can be assumed that Ripple has every chance to win first place in the global cryptocurrency rating.

2. Ethereum

  • Price: 109 dollars;
  • Market capitalization: 11 billion dollars;
  • Issue: unlimited (currently more than 103 million coins have been mined).

Ethereum firmly held the second place for a long time, but the last wave of correction moved it to the 3rd line in this list. We want to remind you, that literally in early November 2018, Vitalik Buterin (Ethereum`s creator) said that the project is waiting for a major update in the near future. If the developers succeed in doing all that, Buterin said, this will have a good affect on the future rate of the coin.

All other coins are too far from the top three in terms of capitalization and popularity among the masses. Potentially, almost any coin from the TOP-100, can get ahead in future, but its probability is extremely small.

Conclusion

For over ten years Bitcoin is the main cryptocurrency in the industry. The overwhelming majority of people when hear the word “cryptocurrency” unconsciously imply Bitcoin. Of course, BTC has its disadvantages, but the development team is working hard to eliminate them. This is a very complex process, the implementation of which requires a lot of time.

So, if we analyze this issue, we can say with confidence that it is unlikely, that any other coin will be able to take Bitcoin`s place in the near future.

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