In this webinar we discussed the current state of the cryptocurrency market with Bitcoin taking a back seat for once to various other crypto-coins including Ripple (XRP), Ethereum (ETH) and Litecoin (LTC). Investors, who had bought altcoins over the last couple of weeks, suddenly dumped their holdings as valuations became seemingly unjustifiable.
Other cryptocurrency topics covered included –
- Companies who had registered to set up Bitcoin ETFs suddenly began pulling their applications as talk swirled that the SEC wanted to see the futures market mature further.
- Ethereum continued to rally higher, even during the market sell-off, and is positioning itself to take over from Bitcoin as the market dominant cryptocurrency.
- Prices from various South Korean exchanges were taken out of various market metrics, causing the overall market capitalization to fall sharply at the start of the week.
- Ripple became the second-most valuable coin last week but its valuation has now halved from its high and may have further to fall as sellers control the market.
If you missed this webinar and would like to know about future events, see the full DailyFX webinar schedule here.
If you are interested in trading Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP) or Litecoin (LTC) check out our Introduction to Bitcoin Trading Guide.
--- Written by Nick Cawley, Analyst
To contact Nick, email him at nicholas.cawley@ig.com
Follow Nick on Twitter @nickcawley1
