The cryptocurrency markets continued their downward tendency Tuesday next yesterday’s “Monday Massacre.” The total marketplace cap of all cryptocurrencies has fallen past times to a greater extent than than $25 billion since peaking at $117 billion inwards mid-June. Once again, bitcoin together with ethereum are leading the retreat, together with the altcoins are marching behind, lining up in formation.
The Total Cryptocurrency Market Cap Has Fallen More than $25 billion.
To brand matters worse, both Coinbase together with GDAX halted trading during Monday’s frenzy, infuriating investors who were hoping to usage the downturn every bit an chance to purchase coins at what they viewed every bit a discount.
Bitcoin Price Continues to Fall
Bitcoin has non been hitting every bit difficult every bit altcoins during this marketplace correction, but it has yet decreased considerably. As late every bit June 21, the bitcoin cost was $2750, but it has declined steadily over the week. On Monday, bitcoin brutal below the $2400 barrier to $2370. It climbed dorsum past times $2400, but the nautical chart is yet non pretty. At present, the bitcoin cost sits at $2409, representing a 24-hour spend upward of 4.9%
Bitcoin’s marketplace cap has straightaway dropped below $40 billion for the foremost fourth dimension since the showtime of June.
Market Downturn Delays Flippening
Once again, the downturn clobbered ethereum. After peaking at $391 inwards mid-June, the ethereum cost has dropped to a greater extent than than 40%. In the past times twenty-four hours alone, ethereum plummeted 18.4% to its introduce value of $231. Ethereum’s volatility was worsened past times the false rumor that co-founder Vitalik Buterin had died inwards a automobile crash. Buterin, truthful to form, used the Ethereum blockchain to seek out he was yet alive.
7-Day Ethereum Price Chart from CoinMarketCap
As a final result of the marketplace correction, short-term Flippening prospects are looking decreasingly likely. As the below nautical chart indicates, ethereum has lost solid position down during the downturn. Bitcoin straightaway has a 43.7% authorization of total cryptocurrency marketplace cap, regaining roughly of the solid position down it lost during the mid-June marketplace surge.
Chart from CoinMarketCap
Ethereum straightaway controls 24.5% of the total marketplace cap, together with Ripple maintains an 11% marketplace share.
Altcoins Continue to Bleed
Yesterday, 92 of the hand 100 cryptocurrencies experienced cost decreases. They continued that tendency on Tuesday, every bit 91 of the hand 100 continued to fall. Ripple brutal 13% to $0.253, dropping its marketplace cap below $10 billion. Ethereum Classic has been unable to get got wages of Ethereum’s recent struggles; ETC has fallen to a greater extent than than $5 inwards the past times calendar week to $16.78. The BitShares cost has fallen past times a tertiary inwards the past times vii days to $.225.
Most altcoins exterior of the hand 10 get got seen double-digit decreases for the minute consecutive day. CloakCoin, the only top-100 altcoin to brand pregnant gains yesterday, has fallen past times 32% every bit investors get got dumped the coins at a profit. AntShares, the 19th-ranked cryptocurrency, was the only brilliant spot for the cryptocurrency markets. In the past times 24 hours, it saw a 25% cost increase to $5.91. Nevertheless, the AntShares cost has yet dropped 40% inwards the past times week.
Don’t Panic
Market corrections e'er spark doom together with gloom predictions together with analysis, but every bit 1 CCN commenter stated yesterday, “Scared money don’t brand money.” The investors who lost money during the Great Recession were the ones who cashed out during the marketplace panic, non the ones who held on to their investments together with trusted inwards a futurity marketplace recovery. In fact, those who bought into the dip made incredible short-term gains. The same has been truthful of bitcoin investors who get got chosen to ride the dips rather than buying high together with selling low. Now, every bit then, investors must avoid making rash, emotional decisions together with proceed calmly together with rationally.
As P.H. Madore wrote yesterday:
The historical charts demonstrate it’s to a greater extent than probable that things volition rebound than not, thus mayhap get got roughly solace inwards that. Or but dorsum out until you lot are comfortable amongst your hodlings again, thereby forfeiting afterward profits. The beauty purpose is, it’s all upward to you. So mentum up. Everyone’s yet standing, everyone’s yet whole. All that actually happened today was roughly newcomers together with bull traders got discount coins.