What goes up will come down, the famous quote once again comes alive and this time everyone is the witness, and there is no denying. The cryptocurrencies, after hitting the top and gaining interest worldwide since January, is having a hard time to find the same spot on the charts again.
The recent hit of bitcoin to almost 80% of its peak followed by Ethereum and other cryptocurrencies have again strengthened the doubt the people had with the future of crypto. The cryptocurrency market is showing red as a whole recently.
After seeing some positive results from last week for Ethereum, the bear market has made a comeback to reclaim some gains. Currently, ETH is trading at a price of $196.97 marking a 10.9% drop in the price in last 24-hours. This week Ethereum took the hardest hit among all other cryptocurrencies. Bitcoin also had a similar fortune and could not hold the mark of $6500 and is down around 3.5% over the past 24 hours. The highest cryptocurrency is trading at a price of $6283.
The top Altcoin also had a down around 0.6% over the past seven days losing its weekly gain. EOS and VeChain are among to see some most significant losses in the past 24 hours, down to 10.29% and 10.47%. EOS is the fifth top cryptocurrency by market cap and is now trading at $4.88, the least of the top 20 coins list, VET, is trading at $0.0127.
Lt. General Dhahi Khalfan Tamim who is the senior Dubai law enforcement official believes that lack of public awareness and the absence of crime prevention policies are the only circumventing reasons to the mainstream adoption of the industry. With this, he also suggested that "soon" digital currencies will replace cash.
The Ripple's head for regulatory relation for Asia-Pacific and the Middle East also stated that global policymakers are now addressing the crypto asset and blockchain technology more holistically.