#Ripple's #XRP and #Ethereum (#ETH) drop double digits in massive cryptocurrency sell-off
Bitcoin is struggling but cryptocurrencies known as “alt-coins” were faring much worse on Tuesday. XRP and Ethereum both dropped by more than 12 percent and the entire cryptocurrency market lost $19 billion in 24 hours, according to CoinMarketCap.com. "The crypto market seems to have hit panic mode," says Matthew Newton, analyst at global investment platform eToro. Bitcoin has had a tough week but it was other, lesser-known cryptocurrencies leading the selling-spree Tuesday.Ether, which is the second largest cryptocurrency behind bitcoin, was the biggest loser among the top five by market capitalization and fell more than 12 percent, according to data from industry site CoinMarketCap.com. Ether is down 65 percent this year and was trading near $260 Tuesday after starting the year above $760."The crypto market seems to have hit panic mode, with prices falling significantly across the board," said Matthew Newton, analyst at global investment platform eToro. "As we can see in the case of Ether, investors seem to be increasing liquidations of their ICO holdings, with significant drops in price and increased volumes." XRP, the world's third largest digital currency, dropped by 10 percent to about 26 cents. The digital currency is one of the biggest laggards this year, dropping roughly 90 percent after starting the year above $2.30, according to historical data from CoinMarketCap.com.
About Ethereum (ETH): Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.The project was bootstrapped via an ether presale in August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss non-profit, with contributions from great minds across the globe.
About Ripple's (XRP): Built for enterprise use, XRP offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments. Using XRP, banks can source liquidity on demand in real time without having to pre-fund nostro accounts. Payment Providers use XRP to expand reach into new markets, lower foreign exchange costs and provide faster payment settlement. XRP consistently handles 1,500 transactions per second, 24x7, and can scale to handle the same throughput as Visa. XRP's five-year track record of stable technology and governance makes it ready for institutional and enterprise use.
Ripple's (XRP) and Ethereum (ETH) can be bought with fiat dollars, debit and credit cards on cryptocurrency exchanges such as CEX.io and Changelly.com and it can be bought with cryptocurrency on exchanges such as CoinEx, Binance, and HitBTC.