Most cryptocurrencies suffered losses over the past 24 hours, but Ripple is in the green. The cryptocurrency surged more than 9%. It has over taken Bitcoin Cash as its market cap now exceeds $8 billion. So let’s take a closer look. Bitcoin Cash fell more than 11% over the past 24 hours. It continues it path of decline falling under $360. It hit a record high on August 19th when it surpassed $900 but investors seem to have lost confidence in this new digital currency, which was created on August 1st as an alternative to Bitcoin. Bitcoin fell to $3000 on September 15th but since then it has been moving higher. It surpassed $4400 on Monday but since then it has been moving lower. Today it is over $4,100. Demand for the US dollar remains strong, bolstered by strong equities performance on the prospect of tax cuts, upbeat economic data, and a potential December Fed hike. The ISM manufacturing and non-manufacturing surveys, as well as the ADP non-farm employment change report, have all shown upside surprises so the official NFP read could do the same. Despite the pressure regulators are putting on the domestic cryptocurrency market, Chinese traders are refusing to give it up. From the centralized exchanges, they’re moving to peer-to-peer platforms like LocalBitcoins and messenger applications to continue trading.
Now let’s take a look at what some experts are saying. “According to CNBC, Dan Morehead, chairman of digital currency exchange Bitstamp, said that “Bitcoin’s essentially going to revolutionize currency, or money, if it does work, the upside is so high, it’s a rational, expected thing to have in your portfolio. But Bundesbank chairman and former President, Axel Weber is not so positive and remains skeptical about the cryptocurrency world. He said “the important function of a currency is, it’s a means of payment, it has to be generally accepted, it has to be a store of value and it’s a transaction currency. Bitcoin is only a transaction currency.” He added that “I get often asked why I’m so sceptical about bitcoin, it probably comes from my background as a central banker.