Monday, February 5, 2018

After losing $100 billion in market cap on Friday, cryptocurrencies continue onslaught with another $60 billion in losses

It appears we have now reached the point on should we question whether the declines in Bitcoin and other cryptocurrencies are simply a correction, or the actual popping of a bubble since one day following the sector's $100 billion massacre on Friday, the cryptocurrency market as a whole has lost another $60 billion here on Monday.

Back on December 17 when Bitcoin reached its all-time high of over $20,000 on certain exchanges, the market cap for the over 1300 cryptocurrencies was in excess of half a trillion dollars.  However since that day the entire market has been in a gradual decline, led by the grand-daddy of cryptos Bitcoin which as now fallen to $7300 here on Feb. 5.

Bitcoin fell below $8,000 for the third time in four days on Monday amid a broader sell-off in cryptocurrencies that has seen over $60 billion of valued erased from the market in 24 hours.  
The price of bitcoin traded as low as $7,598.20 on Monday and sat below the $8,000 mark for most of the morning's trade, according to CoinDesk. It's the lowest price for bitcoin since November 18. CoinDesk's bitcoin price index tracks prices from digital currency exchanges Bitstamp, Coinbase, itBit and Bitfinex. 
On Friday, bitcoin fell below $8,000 for the first time since November 24. It then rose above $9,000 over the weekend before falling below $8,000 on Sunday. 
It was not only bitcoin that fell either. Other major virtual currencies, including ethereum and ripple, fell sharply in the last 24 hours. The market capitalization or value of the entire cryptocurrency market fell to $365.27 billion at around 11:30 a.m. London time (6:30 a.m. ET) on Monday, according to data from Coinmarketcap.com. This was a drop of around $67.7 billion in 24 hours. - CNBC
Besides Bitcoin being down over 70% from its all-time high, the cryptocurrency market declines are also being led by Ripple, who has seen its value fall over 80% since late January. 

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