Cryptocurrencies Undergo Christmas Correction as Market Cap Plunges $190 Billion

[scanpay]

The global cryptocurrency market is undergoing a massive correction Friday, as bitcoin and the top-20 coins plunged at least 20% each. The massive decline follows weeks of unprecedented growth that took the global market cap well north of $650 billion.

Cryptos Plunge

The combined value of all cryptocurrencies in circulation has plunged nearly $190 billion since Thursday, according to CoinMarketCap. At $464 billion, the market cap is at the lowest level since Dec. 12.

https://i.imgur.com/ZZZXjGh.png

Trade volumes exceeded $43 billion over the past 24 hours, with bitcoin accounting for nearly 47% of the daily transactions.

Bitcoin’s Dramatic Decline

The violent selloff was triggered by a 23% correction in bitcoin that sent prices below $12,000 on the Coinbase GDAX exchange. At press time, bitcoin was down 14% to $13,385. The decline shaved tens of billions of dollars from bitcoin’s market cap, which now stands at roughly $220 billion.

https://i.imgur.com/LyWvt7j.png

It was only last week that BTC/USD was testing new highs near $20,000 as rallied behind the introduction of bitcoin futures. But we wrote earlier, institutional investment is no guarantee that bitcoin will continue higher in the short term. The success of the derivatives contracts could depend on whether the so-called ‘bitcoin billionaires’ embrace these new markets. As it currently stands, about 1,000 investors hold roughly 40% of all bitcoin in circulation.

Altcoin Universe

All the major altcoins suffered huge losses Friday, a sign that the broader market was still following bitcoin’s lead. There were no immediate catalysts for the decline, which suggests that investors were taking profits after the record build up in recent weeks. As veteran cryptocurrency traders would attest, huge price swings in the market is fairly common.

Below is a recap of the major losers on Friday:

https://i.imgur.com/ZpSn0ym.png

Despite the recent price collapse, 2018 is expected to be a huge year for cryptocurrency as more institutions embrace the alternative asset class. On Thursday, Goldman Sachs Group announced it was entering the cryptocurrency market. According to Bloomberg, the bank’s crypto traading desks should be ready in time for summer.

There’s also evidence that bitcoin derivatives contracts will continue to proliferate as Nasdaq gets ready to join CBOE and CME in offering futures trading. Recent activity at the Securities and Exchange Commission (SEC) also suggests more firms are lining up to offer bitcoin exchange-traded funds (ETFs). According to the SEC’s public filing system, two companies have recently submitted applications to launch a bitocin-based ETF.

[Davinus]

That is true that the marketcap lost mor ethan 190 billion dollars, but it has recovered right now.
it is standing at 580 billion dollars, which means that it lost a total of more than 80 billion dollars compared to Monday's marketcap (when it hited the all time high)

[dhka]

I also suffer losses, but this kind of correction is indeed necessary as a healthy grow, because bitcoin price has been skyrocketted with no brake fr the last few weeks, so this huge correction is expected I believe
But I will still keep hodling because it will rise even further as it always did

[Irvinn]

After such an unexpected and rapid increase in the rate of almost up to 20,000 dollars, bitkoyn lowered to carry out his correction. Its reduction to 13 000 dollars, although a little scary and such figures, but it should be considered normal for the crypto currency. Considering that bitkoyn already began to gain little by little, I think that the lower point of the adjustment has already passed. If the network of lightning is successfully introduced into it, nothing will prevent its further growth.

[davis196]

Westerday was a "Black Friday" for the crypto markets ,but everything will be all right next year.
I`m sorry for all the people that sold their bitcoins because of the panic selling.They`ve lost a lot of money,but i hope that they will recover,if the big whales start to buy cheap bitcoins.
Anyway,the blockchain is "paralyzed" and transactions are stuck.I didn`t get my btc payments.
Whats going on?

[scanpay]

Do not worry, then the market will stabilize again

[omonuyak]

The global cryptocurrency market is undergoing a massive correction Friday, as bitcoin and the top-20 coins plunged at least 20% each. The massive decline follows weeks of unprecedented growth that took the global market cap well north of $650 billion.

Cryptos Plunge

The combined value of all cryptocurrencies in circulation has plunged nearly $190 billion since Thursday, according to CoinMarketCap. At $464 billion, the market cap is at the lowest level since Dec. 12.



Trade volumes exceeded $43 billion over the past 24 hours, with bitcoin accounting for nearly 47% of the daily transactions.

Bitcoin’s Dramatic Decline

The violent selloff was triggered by a 23% correction in bitcoin that sent prices below $12,000 on the Coinbase GDAX exchange. At press time, bitcoin was down 14% to $13,385. The decline shaved tens of billions of dollars from bitcoin’s market cap, which now stands at roughly $220 billion.



It was only last week that BTC/USD was testing new highs near $20,000 as rallied behind the introduction of bitcoin futures. But we wrote earlier, institutional investment is no guarantee that bitcoin will continue higher in the short term. The success of the derivatives contracts could depend on whether the so-called ‘bitcoin billionaires’ embrace these new markets. As it currently stands, about 1,000 investors hold roughly 40% of all bitcoin in circulation.

Altcoin Universe

All the major altcoins suffered huge losses Friday, a sign that the broader market was still following bitcoin’s lead. There were no immediate catalysts for the decline, which suggests that investors were taking profits after the record build up in recent weeks. As veteran cryptocurrency traders would attest, huge price swings in the market is fairly common.

Below is a recap of the major losers on Friday:



Despite the recent price collapse, 2018 is expected to be a huge year for cryptocurrency as more institutions embrace the alternative asset class. On Thursday, Goldman Sachs Group announced it was entering the cryptocurrency market. According to Bloomberg, the bank’s crypto traading desks should be ready in time for summer.

There’s also evidence that bitcoin derivatives contracts will continue to proliferate as Nasdaq gets ready to join CBOE and CME in offering futures trading. Recent activity at the Securities and Exchange Commission (SEC) also suggests more firms are lining up to offer bitcoin exchange-traded funds (ETFs). According to the SEC’s public filing system, two companies have recently submitted applications to launch a bitocin-based ETF.

We should expect this to happen as bitcoin and altcoins cannot keep going up, there must be a corrections along the lines in other to gather strong momentum for further upwards movements. This corrections as op has said may be as a result of Christmas celebrations that has commenced and many may need fund from there cryptocurrencies gain to celebrate it.  I hope by January we would recover all the loss ground and resume upward trend again.

[disconnectme]

I don't know why people are surprise about this plunges, alot of people are making this like the earth is falling, Xmas is around the corner and people will need money for this festive period, we have all had a great year and is now time to celebrate

[scanpay]

I think so, summarizing for a successful year with the crypto-currency market

[dealung]

This correction is normal in the world of crypto, do not panic and easily affected by bad issues. But i am happy about this, because i can buy btc and alt with discount Christmas and New Year 

[spring07]

I have learnt to get used to the correction mechanism. I think it comes with the terrain, crypto and correction is like 5 & 6