Midweek Sell Off Tests Support Across The Board

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Midweek Sell Off Tests Support Across The Board

By Tom Whitbread
October 3rd, 2018

Global market cap dropped by 2.5% down $6bln Wednesday, as cryptocurrencies across the board tested support. With Stellar and Ripple leading the pack down. 

An anti-climax to the SWELL conference and other recent news that was considered overly bullish for Ripple's xRapid project and also Stellar Lumens, now a day after the conference see's prices shedding their recent gains made earlier in the week. But there are still plenty of speculators bullish on ripples future.

Despite the recent sell-offs, there is still ongoing growth in interesting smaller cap projects such as Decred, Binance coin, Odyssey and decentralized exchange coin Loopring - which lead the market today, whilst Funfair, Aion, Verge and XRP take the biggest losses.

Possibly long-term goals set out by projects such as Decred and Binance may be standing the test of time to continually add growth due to the nature of their business, whereas the benefits from doing commerce with Verge, XRP and gaming with Funfair rather than using a conventional credit card or BTC - are yet to see large adoption.

The future for XRP seems loaded with promises, although markets are yet to be buoyed by the reports. With a reception reminiscent to earlier in the year at the NY consensus event, which despite great anticipation for a revival in the BTC bull, turned into a sell-off days before the event. 

With twitter full of mixed emotions currently, traders are realistic on the current Swell trade.