Categories: CryptoNews

Following Weekend Pullback, Cryptocurrency Prices Continue to Dip

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.

Related Post

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.

Colin Harper

Colin is a freelance writer from Nashville, TN, making his way by writing on crypto-related topics and global politics. When he's not writing on or researching cryptocurrencies, he's likely doing something else or nothing at all--who can really say?

Share
Published by
Colin Harper

Recent Posts

WIF Set to Overtake BONK? Lunex Soars with 100x Potential in Altcoin Season

As altcoin season heats up, all eyes are on the rising stars—especially Lunex, which is…

1 hour ago

Binance Coin Price Dips: BNB Holders Rush To Lunex Presale To Hedge Their Long Positions

While the broader market witnessed a notable upward movement, Binance Coin (BNB) experienced a decline…

2 hours ago

Crypto Stalwarts Forecasted 800% Growth in Innovative Projects: VeChain, Rollblock and Polkadot!

This blazing crypto bull run has investors looking for the next top altcoins set to…

2 hours ago

Dogecoin Price Set To Recreate 36,000% Rally From 2021 After Pennant Formation

The Dogecoin price is back in the limelight, captivating the crypto world with its recent…

2 hours ago

Is XRP About to Explode? How Trump’s Victory Is Affecting XRP Price Amidst JetBolt Growth

Ripple’s XRP showed a 68% price increase in the last 7 days following Trump's victory,…

2 hours ago

Ethereum Down While Bitcoin, Solana, and JetBolt Skyrocket In End November 2024

Ethereum stumbles as Bitcoin surges past $97K, Solana eyes new highs, and JetBolt’s presale shakes…

5 hours ago