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 on Monday after a weekend dip that had most coins down from their 24-hour highs. As crypto’s total market cap flirts with the US$500 billion threshold, you may be wondering, “Is last week’s correction still in full swing?”
Please Sir, I (Don’t) Want 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 of the market cap top 100 were in the green, while of the top 10, only Stellar Lumens and EOS were up on the day – and just barely, at 4.44% and 4.24%, respectively. Looking at the rest of the top 10, you’ll run into a wall of red, though it’s not nearly as bad as it was at the low point of the recent correction.
Bitcoin was down 7.93% with a US$10,530 price tag at the time of writing, while Ethereum, still down 6.59%, was doing the best out of the top 10’s losers, sitting at US$968. Ripple is performing the worst out of the pack, with its price down 12.06% to US$1.21. Meanwhile, Bitcoin Cash has lost 10.83% of its value and sits at US$1,565, and Litecoin isn’t faring much better with a US$172 valuation, down 8.45% in 24 hours.
On January 17, crypto’s total market capitalization slumped to US$414 billion, the lowest it had been since its December run-up. This constituted a 50% decline from its all-time high of US$834 billion on January 7, reached at a time when new investors were entering the market on the back of a holiday bull run.
Needless to say, this latest pullback hasn’t been nearly as brutal, even as crypto’s market cap dipped briefly below US$500 billion. During this dip, there are a handful of coins still performing well amid the struggling throng, whereas last week’s correction had most prices bleeding for a matter of days. For instance, Waltonchain and VeChain have been swimming against the red tide, as have Cindicator, PIVX, and 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 like to 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 the total market cap didn’t stay below US$500 billion for long.
So for now, just sit tight, keep your eyes peeled, and remain calm – we’ll know the answer to our question soon enough.