We’re a week out from the largest correction the cryptocurrency market has seen since the Mt. Gox crash, and it looks like the market still isn’t done playing possum. Prices continued to bleed this Monday after a weekend dip that had most coins down from their 24hr highs. As crypto’s total market cap flirts with the $500bln threshold, you may be wondering, “Is last week’s correction still in full swing?”
Please Sir, Can I (Not) Have Some More?
If you’re asking whether or not we’ve seen the last of last week’s devastating correction, you’re not alone–I promise. While there’s no sure-fire method to ascertain the answer to this question, the charts don’t paint a promising picture.
At press time, only 12 out of the market cap’s top 100 were in the green, while only Stellar Lumens and EOS were up in their 24/hr price change in the top 10–and just barely, at 4.44% and 4.24%, respectively. Taking a look at the rest of the top 10, you’ll run into a wall of red, though it’s not nearly as bad as at the low-point of the recent correction.
Bitcoin is down 7.93% with a $10,530 price tag at the time of writing, while Ethereum, still down 6.59%, is doing the best out of the top 10’s losers sitting at $968. Ripple is performing the worst out of the pack, with its $1.21 price down 12.06%. Meanwhile, Bitcoin Cash has lost 10.83% of its value at $1,565, and Litecoin isn’t fairing much better with a $172 valuation down 8.45% in 24/hrs.
Last week, cryptocurrency’s total market capitalization slumped to $414bln on January 17th, the lowest it had been since its December run-up. This low put the market at just over a 50% loss from its all time high of $834bln on January 7th, a crushing blow at a time when new investors were entering the market on the back of a holiday bullrun.
Needless to say, this pullback hasn’t been nearly as brutal, even as crypto’s market cap dipped briefly below $500bln earlier in the day. During this dip, there are a handful of coins still performing well amidst the struggling throng, while last week’s correction had most all prices bleeding for a matter of days. For instance, Waltonchain and VeChain have been swimming against the red tide, and so have Cindicator, PIVX, and (per previous mention) Stellar and EOS, among others.
We’re not going to tell you this is the end of the world and the beginning of a bear market, nor are we going to predict that this correction, dip, pullback, or whatever you’d call it is nearing its end. However, the market seems more resilient in its response to this dip than it was to last week’s correction, as it didn’t stay below $500bln for long.
So for now, just sit tight, keep your eyes peeled, and remain calm–we’ll know the answer soon enough.