After weeks of bullish movement, the cryptocurrency ecosystem has been struggling to get back to its former self. Despite Bitcoin [BTC] flirting with the $8000 mark a few times, the coin has averaged a trading value of $7650 over the past week. Consequently, BTC’s bearish trend has resulted in the crypto-market falling.
Leading this downtrend were XRP, Bitcoin Satoshi Version [BSV], and Tron [TRX].
The third strongest cryptocurrency witnessed a 5.58% drop over 24 hours, despite Ripple’s increased focus on driving their in-house cryptocurrency, XRP’s adoption across the globe. XRP was being traded at $0.387399, with a market cap of over $16 billion, during press time.
While the crypto showed no signs of any immediate rise in value, numerous partnership-based projects across the globe and BTC’s expected bullish comeback has led the XRP community to have faith in XRP’s market.
Bitcoin SV [BSV]:
Craig Wright’s brainchild made headlines over the past week for exceeding the cryptoverse’s expectations and recording a triple-digit value. Although the controversial cryptocurrency breached $220 over the past week, it leads today’s bear market with a fall of 6.92%.
Speculators have taken to Twitter to identify the real reason behind the recent fall. Among the lot, @stevechatter_, blamed ongoing whale trading. He tweeted with video proof of some recent whale trades,
“BSV/USD whale detected trying to keep the price down”
Following a trend similar to BSV’s, Tron’s [TRX] trade value is highly influenced by its market reputation, driven by Justin Sun. Although Tron has been in the headlines recently, the coin has struggled to go on a bull run. Coincidentally, TRX has also witnessed the highest loss in trading value of 6.92%. As a result, the coin was trading at $0.0306, with a highly fluctuating market cap of $1.9 billion at press time.
Sun’s recent indulgence with Warren Buffett has placed TRX at the center of discussion among many prominent players. The coin is currently 12th on CoinMarketCap, and has increased its focus to promote BitTorrent [BTT].
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Bitcoin’s [BTC] sentiment remains positive despite collapse; price closes on a red candle over a weekly time frame
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