Crypto market cap sheds more than $30 billion in 24-hours

was worth $6,435.13, down 7.4% since Wednesday at 5 p.m. Eastern on the Kraken crypto exchange.

Despite the carnage, one analyst remains bullish, saying there’s much more to the digital currency than Goldman Sachs GS, “So the question is if Goldman Sachs stops exploring the option of crypto desk, can this entire thing collapse?” wrote Naeem Aslam, chief market analyst at Think Markets U.K.

“The reality is bitcoin futures are already trading on major exchanges. But, the volume has been thin from day one, I am not saying it hasn’t improved, it certainly has. But if you compare the volume with other majors commodities, it is only then you can see the difference. hence, for me it is more important to keep an eye on this part of the equation.”

Altcoin slump sends market cap back toward $200 billion

Smaller coins alternative to bitcoin, colloquially known as altcoins, haven’t been spared in the recent selloff, pushing the total value of all digital currencies back toward $200 billion. According to data from CoinMarketCap, the market value was last seen at $202 billion, down more than $30 billion in 24 hours.

As for the individual coins, Ether is nearing a one-year low, trading down 9.1% at $222.88, Bitcoin Cash was down 6.9% to $509.30, Litecoin was off 7.8% at $55.73, and Ripple’s XRP coin XRPUSD, has found some love, trading higher by 0.3% at 30 cents.

Bitcoin futures fell. The Cboe Global Markets Group Inc.’s September contract is down 8.2% at $6,350, while the comparable CME Group Inc. September contract has shed 7.3% to $6,400.

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