Bitcoin [BTC] and XRP see massive price drops as top order shifts

The cryptocurrency market has been seeing a rollercoaster ride in terms of price with the market seeing multiple ups and downs. On January 10th, the market saw a massive bearish drop with almost all the major cryptocurrencies seeing significant price drops. Bitcoin [BTC], Ethereum [ETH] and XRP all saw drops in the 1-hour chart that has been noted by both users and investors.

At the time of writing, Bitcoin was still below the $4000 mark with a 1-hour drop of 1.14% and a 24-hour drop of $5.8%. The cryptocurrency was trading for $3822.02 with a total market cap of $66.68 billion. The 24-hour market volume of $6.28 billion was majorly shared by Bitmex and Coinbit, with the former holding a 16.08% hold on the total trade while the latter saw $325.6 million worth of Bitcoin trade.

Bitcoin was also in the news recently when China’s second-biggest maker of Bitcoin hardware, Cannan Inc shelved plans for its proposed Hong Kong IPO.

Another cryptocurrency getting attacked by the bear was XRP, sliding by 3.10% in an hour and 6.7% in the 24-hour spectrum  The cryptocurrency was trading for $0.34 with a total market cap of $14.065 billion. XRP held a 24-hour market volume of $775.485 million which was split between Upbit and ZB.COM.

UPbit held control of 7.81% of the total XRP transactions while ZB.COM witnessed 6.87% of the total transactions taking place on the platform.

XRP had received a boost last week when Ripple announced that the company had partnered with over 200 financial institutions. Brad Garlinghouse, the CEO of Ripple had said:

“People got really excited about the potential of a new platform and the hype got ahead of the reality. That unequivocally has happened in this space… There’s religious fervor around all of them — some people seem to think these are the crusades and this is a holy war is being fought.”