Market Watch: Bitcoin Struggles At $11,000 and Altcoins Still Tremendously Volatile

The cryptocurrency market has been experiencing tremendous volatility over the last few weeks with almost all the top 10 coins seeing losses of more than 2% today. Although the market leader, bitcoin, remained buoyant yesterday despite US Donald Trump’s negative tweet about digital assets, the coin is currently $11,385, indicating a 2.61% loss on the day.

Just as expected, when king bitcoin goes down, altcoins follow suit. Ether and XRP are down by 2.68% and 3.91% with their prices hovering around $269.13 and $0.33 respectively. 

The total market cap is ~$311 billion | Bitcoin’s market cap is ~$202 billion | BTC dominance at 65.1%

Major Crypto Headlines

There’s No Such Thing as Bad Publicity: Trump Bashes Bitcoin. The US President has left some negative comments about bitcoin and cryptocurrencies in a post on Twitter, stating that cryptos are based on “thin air,” highly volatile, and facilitate criminal activities. 

Brazilian State Launches Blockchain Platform for Government Contract Bids. The state of Bahia has reportedly created a transparent and secure blockchain solution dubbed “Online Bid Solution (SOL)” for tracking public bidding on government contracts. 

CEO of BitFunder Exchange Gets 14 Months in Prison for Fraud, Obstruction. Jon Montrol, founder of defunct BitFunder and WeExchange trading platform, has been sentenced to 14 months in prison for securities fraud and obstruction of justice.

Most Significant Winners and Losers

Ink (83.56%)

Despite the heavy splash of red across the crypto market today, INK is trading high with a 83.56% against the USD over the last 24 hours. Although INK is the most significant gainer today, the cryptocurrency is still down by 99% since its Dec 2017 ATH of $0.94. At the time of writing, INK was trading at $0.0149 with lots of volatility on its weekly chart. 

Red Pulse Phoenix (69.07%)

PHX, a token issued on the NEO blockchain, saw a sharp rise in value in the last hour which placed it has the second-biggest gainer on the trading day. With a 69.07% increase against the dollar, PHX has hit a seven days peak at $0.014 today with it’s market cap reaching $12,004,103. The token could retrace to the $0.008 levels as there is no announcement in sight. 

LightChain (-48.00%)

LightChain (LIGHT) looks like another abandoned projects, and investors and traders would definitely be full of regrets as the token’s value gradually head towards zero. LIGHT is down by 48% against the dollar, placing its price $0.000021 per token. Further movement on the red side of the market would completely erase the token’s value, and that may not be far off.