Cryptocurrency market was in a state this week! Prices for most of the cryptocurrency declined including Bitcoin. Reported on Thursday, prices for many currencies have fallen by 10% or more, however, Ethereum and Bitcoin is not amongst the largest loser right now as compared to other digital currencies.
Decline in Cryptocurrency market
Pointing to Bitcoin and Ethereum, the drop seems to 12.81% and 16.04% subsequently but spotting to the market capitalization, the loss eventuated in billions, falling down to $374.4 billion and $28.9billion consequently.
With a drop in these two currencies, it was a steep period of decline for other top cryptocurrencies as well- the report says.
- Ripple dropped over 12% with a market capitalization less than $10billion.
- NEM comes as four number with drop over 17%
- Ethereum classic lost 13.77%
- Litecoin lost over 7.01%
- Dash coin number seven drop 13.62%
- While IOTA, Bitshares & Stratis has seen a loss to 36.50%, 11.08%, and 21.67% respectively. See chart below
According to marketcap, the rough data that has been declined seems to be $6bn during last few hours. However broader look of the capitalization turns from $106bn to $99.3bn.
Indeed, tokens on blockchain (which runs uniquely on their own networks) also affected. Furthermore, as a part of initial coin offerings (ICOs) digital coin has been sold. Token running on top of Ethereum blockchain saw a big drop. Tokens powered by web browser brave and market Gnosis sees a decline by over 20% – which has risen $12.5m and $35m in token sales during last months.
With this drop in this week, correction acceleration is expected. Indeed, short-term investors should wait until correction proceeds and short term trade goes up again. Whereas long-term investors should have sufficient investment to add their holding and wait until the largest move comes in the currency market.