By Even as the market began on a high note, not much seems positive right now. There can be noticed a decrease in the value of numerous digital currencies even as we approach the end of a week that began with the promise of an increase in the value. The increase in value took place due to the firm Fidelity taking on the ventures of the virtual currency. However, the rise in the price did not last long and as the week proceeded, the pattern that is usually followed by the digital currencies got repeated. There was noticed a decrease in the value of prominent virtual currencies like Bitcoin cash.
Even though a lot was expected from this week due to the numerous virtual currency projects, it could not yield very positive results. There has been a drastic decrease in the overall capitalization of the market with the capitalization level falling beneath $210 billion. As always, the decline begins with the drop in the prices of Bitcoin. Bitcoin fell to $6480. Ethereum, another prominent digital currency also fell by 2%, thus taking it to an all-time low. A similar situation can be noticed across the board as far as virtual currency is concerned. Not many digital currencies have seen growth in this week.
There is a significant amount of loss as far as altcoins in the field are concerned. Mostly, all of these altcoins are in the red section. There have not been many instances of an increase in the value in the digital currency sector. However, several altcoins have experienced an increase in small quantities. Tether is still struggling to keep itself afloat after the major downfall that it experienced in the past. It is struggling to come back after it has faced a decline in the value. There can also be noticed a major decline in the top twenty currencies. A decline has been noticed in the value of VeChain and Tezos by 3% and a similar thing can be said about the various other digital currencies.
However, there can also be noticed an increase in the value of Polymath, the increase has been noticed by 20%. This rise can be attributed to a new partnership with NetCoins. This partnership will lead to the provision of services to those who issue security tokens. However, another altcoin, PIVX has taken a fall even though it had risen in the past. Metaverse ETP has fallen by 8%.
As far as trade volume is concerned, not much has been altered, it has remained $11 billion. Even though there have been positive developments across the board even as far as the altcoins are concerned, not much can bring about positivity in the industry as prices are not reflecting the positive development. All of these things indicate the extent of unpredictability that has pervaded the industry of virtual currency and it can be expected that those who are a part of this sector will be subjected to it for a long time.
