Bitcoin Hovers Under $3,450 as All Top Cryptos See Moderate Losses

Published at: Jan. 31, 2019

Thursday, Jan. 31 — all of the top 20 cryptocurrencies are reporting moderate to heavy losses on the day by press time. Bitcoin (BTC) is hovering under $3,450 again, according to Coin360 data.

Market visualization from Coin360

At press time, Bitcoin is down just 1 percent on the day, trading at around $3,449, according to CoinMarketCap. Looking at its weekly chart, the current price is lower than $3,593, the price at which Bitcoin started the week.

Bitcoin 7-day price chart. Source: CoinMarketCap

Ripple (XRP) has lost nearly 3.4 percent in the 24 hours to press time and is currently trading at around $0.308. On its weekly chart, the current price is lower than $0.316, the price at which XRP started the week. The current price is also lower than $0.333, the mid-week high reported earlier today.

Ripple 7-day price chart. Source: CoinMarketCap

Ethereum (ETH), the second-largest altcoin by market cap, has also seen its value decrease by over 2 percent over the last 24 hours. At press time, ETH is trading around $106, having started the 24-hour period about 3 dollars higher. On the weekly chart, Ethereum’s current value has dropped from $116, the price at which the coin started the week.

Ethereum 7-day price chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, the coins experiencing the most notable losses are Nem (XEM) — which is down over 11 percent — and Tron (TRX) and Bitcoin SV (BSV), which have both shed about 5 percent in the past 24 hours.

The combined market capitalization of all cryptocurrencies — currently equivalent to $113.4 billion — is about 6 billion lower than $119.8 billion, the value it reported a week ago. On Jan. 29, total market cap hit an intra-month low of about $111 billion.

Total crypto market cap 7-day chart. Source: CoinMarketCap

As Cointelegraph recently reported, the Nem Foundation announced it has completely reformed its non-profit NEM Foundation amid financial difficulties. The Foundation, which previously had a budget with a monthly burn rate of 9 million XEM (equivalent to about $392,000), now plans to drastically cut costs.

Also, news broke today that South Korea will continue to ban initial coin offerings (ICOs) in the country, upholding a 2017 ruling.

Despite a persisting bear market, crypto and block startups continue to see waves of funding from investors within and outside of the industry. Just today, staking startup Staked announced it had sealed $4.5 million from Pantera Capital, Coinbase Ventures, Winklevoss Capital, and others.

On Tuesday, Jan. 29, Cointelegraph reported that a member of R3’s global blockchain ecosystem reported reaching its goal of raising $10 million, mostly from credit unions.