Terrible 24 hours for XRP but Bitcoin holds firm – crypto movers and shakers
Posted on May 20, 2021 by Jonathan Symcox
A late rally on Wednesday and into Thursday morning brought the price of Bitcoin up to around $40,000 – its position 24 hours ago – after a nosedive earlier on Wednesday.
Having hit the low of $34k – which meant it had lost 30% of its value in a single day, and 50% in a month – BTC investors will breathe a sigh of relief.
However its value at the time of writing (7am) is still down 21% on this time last Thursday.
Bitcoin has been damaged recently by Tesla’s decision to no longer accept it as a payment method due to environmental concerns, such is CEO Elon Musk’s influence on the crypto markets these days.
Elsewhere the bloodbath continued following the banning on Tuesday of Chinese financial institutions and payment companies from providing crypto transaction services.
The country also warned investors against speculative crypto trading, saying
recent wild swings in prices ‘seriously violate people’s asset safety’ and disrupt the normal ‘economic and financial order’.
Dogecoin (DOGE), the coin created as a crypto parody and based on a meme, is heavily backed by Musk. The CEO has pledged to work with developers to improve its blockchain infrastructure. However it dropped 14% to 36 cents after a 16% drop in the previous 24-hour period.
Ethereum (ETH) was down 12% in 24 hours to $2,623 and is down by a third in a week.
Litecoin (LTC) dropped a massive 25% of its value to around $200. The altcoin – billed a lighter and faster version of Bitcoin – is worth almost 40% less than a week ago.
Crypto price movement is often tied to the performance of BTC, and around a dozen of the top 100 coins were able to hold their value in the last 24 hours.
However the vast majority lost 15-20% of value. The only coin to climb significantly was Internet Computer (ICP), up 12% to $168 – but still down 50% on a week ago.
To see how the valuations of the biggest movers and shakers – and main coins – have changed over the last few days, click here.
For up-to-the-minute valuations of the top 100 coins by market cap, and the one-hour price change, see below.
To see the Crypto Rich List, the world’s richest people in cryptocurrency, scroll down to the bottom of the page.