The cryptocurrency board had been displaying sideways movements on the charts until yesterday when all the coins came down crashing post the bear’s wrath. The collapse in the price trend of multiple big coins, such as XRP, Litecoin [LTC], Cardano [ADA] dragged down their monthly price percentages and are currently residing in purgatory.
XRP, the third largest cryptocurrency that saw much positive publicity is surprisingly the biggest loser this month, with a plunge of 27.36% in its price. At the time of writing, the coin was trading at a depreciated price of $0.445 with a market cap of $17.92 billion. Its total 24-hour trading volume is equivalent to $336.9 million.
In the first week of October, xRapid, one of the main products built by Ripple under RippleNet made a big entry in the commercial world. It is a cross-border payment service that is intended to solve the liquidity problem on the global level. The company plans to execute this via the use of XRP and the blockchain technology to further make the payments cheaper and faster.
xRapid is seeing much adoption by commercial parties, such as Mercury FX, Cuallix and a cooperative financial firm called Catalyst Corporate Federal Credit Union. Despite all the success, Ripple’s native coin, XRP remains the biggest victim of the bearish market.
Bitcoin Cash [BCH], the second-biggest loser in the bear assault is currently seeing a monthly drop of 22.64%. At press time, the BCH token was trading at $420.18 with a market cap of $7.32 billion. The 24-hour trading volume was recorded at a little over $280 million.
While the Bitcoin Cash ecosystem has been facing multiple deep-rooted issues and conflicts, the market has reflected them in its prices.
After hard-forking from the king-coin and carrying the disputed agenda of syncing BCH to the original Bitcoin whitepaper, the coin is about to undergo another hard fork in November. This is due to the miscoordination of thoughts and ideologies within the Bitcoin Cash community. The issue kindled a fire so hot that it finally caused the ecosystem to split into two communities – Bitmain’s Wormhole protocol vs Craig Wright’s nChain implementation.
Moving to the third in line to be wearing the losing crown, Litecoin [LTC], the cryptocurrency has lost 19.7% in its price this month. At the time of writing, LTC was trading at a beaten price of $49.52 with a market cap of $2.91 billion. The 24-hour volume was observed at $301.9 million.
Litecoin was built with the objective to play the role of Bitcoin [BTC]’s companion in the cryptocurrency space. Charlie Lee, who is the Founder of the coin has spoken about his vision for Litecoin on multiple occasions. The main aim of the ecosystem is to be a tool in creating sound money and economic freedom for the world.
Furthermore, Lee, who is a former Google and Coinbase employee and a computer scientist also has a huge inclination towards the Lightning Network and SegWit. Here, one of his missions is to provide on-chain and off-chain atomic and submarine swaps between Bitcoin and Litecoin. He has also starkly expressed that backward compatibility could play a major role in making the system efficient for the cryptocurrencies.
However, the LTC creator has no affinity towards the market performance of the token as he believes in the long-term results and not the short-term perks, as he has been found stating in many conferences and interviews.
Cardano [ADA], the ninth largest coin on the crypto-rankings has been progressing at a steady pace as of now, despite its history of breaching deadlines due to the desire of tying up loose ends. Charles Hoskinson, the Co-founder of Ethereum founded ADA as a way to aid the under-developed parts of the world and improve their economy.
Recently, IOHK made several announcements including its split from the Cardano Foundation [CF]. IOHK did so jointly with its venture arm, Emurgo over the issues within the CF involving nepotism and dysfunctional approach to the Cardano ecosystem.
Here, CF’s Head, Michael Parsons received an open letter by IOHK and Emurgo as his foundation failed to respond or take responsibility for the failures and progress of Cardano. Funds attained from the ADA ICO were also involved in the loss incurred by the ecosystem.
The last member of the list of monthly losers falls Ethereum [ETH], the coin below the top-coin on the crypto-index, wherein the price plummeted by 15% this month. At press time, the ETH price was recorded at $199.67 with a market cap of $20.53 billion. The 24-hour trading volume was showing at $1.32 billion.
The Ethereum blockchain platform has dominated the adoption scene in the cryptocurrency space, in terms of dApp developments and tokens. Currently, according to several statistics, there are around more than 2,000 dApps that have been developed on Ethereum’s blockchain., including games.
Many big names are also involved with Ethereum via the Enterprise Ethereum Alliance [EEA]. It is an initiative to bridge the gap between giant businesses and the startups with the potential to take the technology forward. Some of the major industry players engaged in this alliance are JPMorgan Chase, Shell, Deloitte, Infosys, Ledger, Microsoft.
Regarding the altcoin bunch in the blockchain space, the fact that the majority experienced a slump of 90% [approximately] was a big blow for the contributing members from multiple ecosystems. However, the results of the incessant efforts and developments are still to be reaped to realize the practical, life-altering benefits of cryptocurrency and blockchain in the real world.
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