51 of Top 100 Cryptocurrencies Down 10%+ In Last 24 Hours
The downtrend of cryptocurrency prices continues, with the last 24 hours being a bloodbath.
51 of the top 100 coins are down 10% or more, with the following 10 coins taking the biggest hit – Dropil (-19.26%), Mithril (-17.9%), ReddCoin (-16.78%), Loom Network (-16.34%), Polymath (-16.09%), Nano (-16.05%), Bibox Token (-15.92%), WaykiChain (-15.66%), 0x (-15.62%), Substratum (-15.34%).
As a whole, the combined global market cap of all cryptocurrencies is down $19 billion (-6.45%) over the last 24 hours.
Media outlets have speculated recent news of the Coinrail exchange hack and today’s news of Tether being used to manipulate Bitcoin price as reasons for declining prices. This very well could be part of the reason, as this news is likely to affect consumer/investor confidence. With that said, many in the space argue this is simply a price correction after 2017’s massive gains.
Despite seemingly constant declining crypto prices over the last few months, a bit of perspective shows crypto as a whole has still grown tremendously over the last year and a half. Since the start of 2017, the global combined market cap of all cryptocurrencies has increased by $257.6 billion or +1455.22%(source).
While some cryptocurrency price “experts” think a multi year bear market is likely, most are still setting huge expectations for cryptocurrency long term. Recently billionaire investor Mike Novogratz said he expects crypto markets to reach a $20 trillion market cap.
As always, be cautious when taking others’ opinions on crypto prices.