The cryptocurrency markets are a sea of red today, with all the top 10 cryptocurrencies by market cap reporting double-digit percentage losses for the last 24 hours.
Bitcoin (BTC) has dropped 16 percent over the same period to 10-week lows below $8,000 and could suffer its worst weekly loss (more than 25 percent) since April 2013. We’ve been calling for sub 8500 Bitcoin and a broad correction across all crypto assets since December.
Although the plethora of bad news accelerated the process and helped exacerbate the depth of the correction (More than we expected, our price target was 8400) This was necessary before Bitcoin (accompanied by the rest of the altcoin class) resumes it’s bull trend. Once Bitcoin bottoms, and we’re getting very close- expect a violent resurgence to the upside. But as of right now, the cryptocurrency has suffered a 30-percent drop in January and is down 45 percent on a year-to-date basis.
Cardano (ADA) is the biggest loser in the top 10, and is down 37 percent.
Ethereum’s ether (ETH) token is down by 28 percent. The cryptocurrency had looked relatively resilient earlier this week, reportedly due to institutional capital flows and Venezuela’s decision to presale petro cryptocurrency on the ethereum platform. However, the bull grip looks to have weakened and ETH was last seen trading around $785.
Meanwhile, Ripple’s XRP token ranks third on the list of losers with a 35 percent drop. The cryptocurrency has now fallen to $0.635 – its lowest level since Dec. 15. That follows XRP’s bad start to the year, with a 49 percent fall during January.
As seen in the graph, IOTA, NEO, EOS and litecoin have all also posted percentage losses in the 20s.
Overall, the total market capitalization of all cryptocurrencies taken together has dropped more than $100 billion.
Further down the chart, striking a rare positive note amid the gloom and doom, a gold-backed token named DigixDAO (DGD) stands out after having posted 30 percent gains.
For new cryptocurrency traders, welcome to your first correction! You have been officially initiated into the club. Membership in this club is paid through blood, sweat and tears. But if history is any indicator, once the weak hands have been shaken out you can expect a massive bull rally to follow. They call them HODL’ers for a reason. Hold On For Dear Life. You’ll be glad you did.
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