ADVERTISEMENT
Ripple’s XRP is down 80% from its January peak
Cryptocurrencies have had a rough start to the year.
Ripple’s XRP, the world’s third-largest cryptocurrency, is down 80% from its all-time high of $3.32, trading at just $0.66 per token Monday afternoon, according to Markets Insider data. The virtual currency, which was designed for international payments and transfers, has lost 18% in the past day.
XRP now has a market capitalization ofjust $27.3 billion, according to CoinMarketCap.com. That’s $120 billion less than its peak market value of $147 billion in early January, when it briefly overtook Ethereum as the second-largest cryptocurrency.
All major cryptocurrencies have been smoked since the start of the new year. In 2018 so far, the total market cap for virtual currencies has fallen by $245.7 billion, or roughly 43%, thanks to fears of new regulations in Asian markets like China.
ADVERTISEMENT
To make things worse for an already volatile market, India’s finance minister Arun Jaitley, also said that the country’s government "does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto assets in financing illegitimate activities or as part of the payment system."
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
ADVERTISEMENT