{"id":565103,"date":"2020-12-24T19:32:00","date_gmt":"2020-12-24T16:32:00","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=565103"},"modified":"2020-12-24T19:32:00","modified_gmt":"2020-12-24T16:32:00","slug":"altcoin-market-cap-drops-by-31b-due-to-the-sec-suing-ripple","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/altcoin-market-cap-drops-by-31b-due-to-the-sec-suing-ripple\/","title":{"rendered":"Altcoin Market Cap Drops by $31B Due to the SEC Suing Ripple"},"content":{"rendered":"
Quick take:<\/strong><\/p>\n News of the SEC suing Ripple<\/a> caused a market selloff that not only affected XRP but the entire altcoin market. According to veteran Bitcoin and Crypto analyst, Willy Woo<\/a>, the news sparked a crypto market meltdown that resulted in altcoins losing a combined $31 Billion in market capitalization. Mr. Woo’s analysis of altcoins due to the Ripple lawsuit was as follows<\/a>.<\/p>\n Alt-coin cap down approx $31b since SEC’s action to sue Ripple Labs, this is around $1b USD of real capital flows out of alt-coins using FundStrat estimations of crypto cap change per dollar invested.<\/p><\/blockquote>\n Willy Woo went on to point out that the value of ChainLink (LINK) and Cardano (ADA) dropped in tandem with that of XRP as news spread about the Ripple lawsuit by the SEC. Mr. Woo’s analysis of Chainlink and Cardano can be found in the following two-part Twitter thread that also highlights a significant increment of Bitcoin’s dominance due to the lawsuit.<\/p>\n Chainlink and Cardano most closely correlated to XRP. pic.twitter.com\/7AKbJBw6VP<\/a><\/p>\n — Willy Woo (@woonomic) December 23, 2020<\/a><\/p><\/blockquote>\n\n
Cardano and ChainLink Most Correlated to XRP<\/h2>\n
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