After the rapid growth of the cryptocurrency market, which began on Monday, the subsequent correction got out of control and led to two crashes that practically nullified the week’s progress. During this period, Bitcoin lost 9.6% of its value, falling from $ 4280 to $ 3870.
In less than two days, the total cryptocurrency market capitalization decreased by $ 16 billion, and most coins lost 10-20% of their value. Although recovery attempts are now being observed, the pace has slowed down. Over the past day, Bitcoin (BTC) has shown an increase of only 1.2% and at the time of this writing, its rate is $ 3877. Over this time the price several times fell below the $ 3800 mark, but the market held an important level and maintained at least a minimal weekly gain of $ 100.
Ripple price (XRP) yesterday recorded a loss of about 15%, but today rose by almost 3.8% to $ 0.387, actually returning to the figures on December 20. Ethereum (ETH) is gradually closing the gap from the second position and, despite the fact that it fell from $ 160 to $ 135, it remains generally positive. Daily gain is 5.2% and weekly gain is 33%.
Bitcoin Cash (BTH) after yesterday’s plummeting 20.7% is also trying recover quickly. In 24 hours, the price of the coin has risen by 13.2%, and is hovering around $ 182. Despite the fact that, according to the estimates of the Center for Information and Industrial Development of China, in December EOS was recognized as the best cryptocurrency, this did not help the project to resist the general market trend and after significant losses, it recovered by only 1% per day, and is now trading at $ 2. 63.
Litecoin (LTC) rate increased by 2.3%, to $ 31.8, and Bitcoin CB (BSV) added 5.7% and is $ 97.4. The positive news that the number of TRON network users grew to 1 million in half a year did not stimulate the rapid growth of TRX, the price of which increased by 6.9%, and one coin is estimated at $ 0.0207.
The cryptomarket crisis is forcing even the largest participants to reconsider their priorities and carry out a serious reorganization structure. Over the course of this week, crypto giant Bitmain plans to lay off half of its employees, and another significant mining equipment manufacturer, GMO Internet Group, announced the complete cessation of its activities.
text: Ivan Malichenko, photo: fxteam, guldaktier, graphic: coinmarketcap