Sunday, June 24, 2018

Cryptocurrencies hemorrhage another $20 billion in market cap overnight as Bitcoin falls below $6000 per coin

The cryptocurrency bloodbath continues as for the second straight day the cryptocurrency sector as a whole fell nearly across the board.

Led by Bitcoin, which fell below the $6000 handle for the first time in several months, the sector hemorrhaged another $20 billion in market cap to sit at around $241 billion.

From $260 billion to $241 billion, the valuation of the cryptocurrency market has dropped by over $19 billion in the past 24 hours, as major cryptocurrencies including bitcoin, Ethereum, Ripple, Bitcoin Cash, and EOS fell by large margins. 
For a third day in a row, EOS, the delegated proof-of-stake (PoS) network based on the Ethereum blockchain protocol, has recorded the biggest loss amongst major cryptocurrencies. On June 24, EOS recorded a loss of 13 percent, while BTC, ETH, XRP, and BCH fell 3.5%, 4.6%, 5.8%, and 8.5% respectively. - CCN

At its height back in December of last year, the total market cap for cryptocurrencies was above $850 billion, with most analysts expecting it to reach the $1 trillion mark early in 2018.  However thanks to Wall Street entering into the market around Dec. 17 with the first Bitcoin futures contract, the sector as a whole has seen declines of nearly 70%.

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