The digital currency market has lost over $20 billion in the last two days, as leading digital currencies such as Bitcoin, Ethereum, Bitcoin cash, Cardano, and Ripple experienced a loss in value within a range of 2 to 5 percent.
Ripple (XRP), Bitcoin Cash (BCH), Cardano (ADA)
The most valuable and leading digital currencies have been experiencing a continuous decline for more than three days now. This trend started on the 6th of May. As the value of bitcoin failed to cross the $10k mark, it triggered a chain effect across a lot of digital currency trading platforms.
Earlier today (9 May), Ripple, Bitcoin Cash, and Cardano were some of the worst currencies of the day, together with Litecoin, IOTA, and NEO.
The Exceptional Digital Currencies
Besides some digital currencies such as Ziliqa, PundiX, and Augur, the whole crypto market experienced relatively huge losses. The half a trillion dollar mark is considered a key support level for the entire crypto market.
So far (in the month of May), the crypto market has been on the $420 billion level, struggling to get to $450 billion and hitting the half a trillion dollar mark.
Despite remaining strong all through last year after partnering with some of the largest banks in Japan and South Korea, the value of Ripple has struggled to cross the $1 mark, it has been fluctuating around 70 and 80 cents.
The High Expectations of Ripple
There were high expectations about the value of Ripple earlier this month as a result of its collaborative projects with some of the leading financial institutions in South Korea.
On the 8th of May, Ripple went into partnership with a fintech arm of the third biggest digital currency exchange in South Korea – Coinone. Ripple has partnered with a lot of entities, and investors are expecting an increase in value due to these partnerships.