Cryptocurrency Market drops to Lowest Since November 2017
In another gloomy day for the crypto markets, the total value of all cryptocurrencies fell to $276 billion today – the lowest level since Nov. 26.
The sell-off looks even bigger if we take into account the fact that the total market capitalization is down 66 percent from the all-time high of $830 billion seen in January, as per CoinMarketCap.
Zooming into the detail, the top 10 cryptocurrencies by market value are reporting double-digit losses for the fourth time in the last five days – a decline that has been associated with some banks’ decision to ban credit crypto purchases and regulatory backlash against what some jurisdictions consider excess speculation in the crypto markets.
Due to back-to-back negative news cycles since the start of the year, most currencies are down at least 70 percent from their respective record highs.
As the chart shows, the leaders of the crypto market have witnessed a minimum of 20 percent depreciation in value over the last 24 hours.
Notably, bitcoin fell below $6,000 for the first time since November. However, as of writing, a slight recovery is in progress. The cryptocurrency was last seen trading at $6,278.
Further, most currencies have recovered from their daily lows, but are still reporting double-digit losses. Of particular note is the performance of NEO. The token is the biggest loser among the top 10 today, and it ranks last on the list of currencies with the biggest drop from its record high.
Meanwhile, Ripple’s XRP token is down 84 percent from its all-time high of $3.84 hit on Jan. 4.