Cryptocurrency Market Correction
All the strong top 20 cryptocurrencies by market capitalization are all down today over 10 percent, market data reveals.According to CoinMarketCap.com, those cryptocurrencies have fallen by at least 13% – and more than 25% in the case of XRP – which began at the start of the day. At a point, within the 24-hour period, the overall market capitalization for all tokens had lost approximately $200 billion, falling from $710 billion to $536 billion at its most profound.
As of the period, this article was drafted, that figure had sprung back somewhat, floating around $573 billion.
The dip illustrates the commotion in cryptocurrency markets today, with bitcoin, the world’s largest cryptocurrency by market cap, which dipped by 14 percent in 24 hours, bottoming out at $11,182 before making a slight recovery.
Indeed, only several of the 100 cryptocurrencies listed on CoinMarketCap’s main page are reporting price gains, with assets like siacoin and Bitcoin Gold reporting losses of over 30% in the past 24 hours.
On the lighter side, today’s market correction is not as drastic as the one that occurred in late December last year, when the overall market value fell more than $200 billion. At that time, bitcoin had dropped to $10,800.
Moreover, today’s dip still leaves the market well up year on year. On Jan. 16, 2017 the merged value of all crypto tokens was under $16 billion. Today’s low is roughly at similar levels to those seen a month ago, when the market cap stood at around $554 billion, according to CoinMarketCap.