Bitcoin (BTC) and other virtual currencies have dropped during Christmas Eve after registering a weekly increase of around $47 billion. During the European night, top 20 virtual currencies fell between 10% and 20%. The Bitcoin price correction was the least drop of major assets, falling 9.47% while Bitcoin Cash (BCH) fell 20.41%.
Crypto Market Cap Falls 14% Overnight; Bitcoin Price Correction Drops It 10%
The cryptocurrency market capitalization has fallen 14% during the Christmas Eve night. This is in line with what other markets around the world are recently experiencing. For example, the Nikkei index in Japan opened 5% down on December 25.
In just 10 days, cryptocurrencies seemed to have recovered from the bear market that affected them since the beginning of the year. The total market cap grew $47 billion from December 15 until December 24. If the market goes under $120 billion it will be the lowest point registered in almost a week.
This growth in the market was very bullish for virtual currencies. There were several analysts that were calling for a bottom in 2018. During this year, virtual currencies lost more than 80% of their value. In some cases, digital assets fell 99% since their all-time high. Several tokens released by Initial Coin Offerings (ICOs) have disappeared from the market.
In the last 24 hours, all the top 20 virtual currencies are operating negatively. The biggest losses have been registered by Bitcoin Cash (BCH), falling almost 20%, Cardano (ADA) losing 18.50% and Dash that is operating 17.65 down.
The best top 10 performers in the last 24 where Bitcoin (BTC) registering a decrease of 9.43%, NEM (XEM) falling 10.18% and Waves, that registered a value decrease of 10.20%.
Traditional markets have also been performing poorly during the last months. This year, the so-called ‘Santa Rally0 was not able to be materialized. The Dow Jones dropped 653 on Monday, registering in this way the worst Christmas Eve ever.
Investec economist Philip Shaw commented about this bear market:
“There are a whole number of factors that have triggered this latest risk-off climate, including the Fed’s very modest deviation from its (rate increase) plan and the government shutdown in the United States.”
Although virtual currencies have fallen these last days, the market seems optimistic for the future. Although there is still a group of bears that are calling new lows in the near future. After the recovery experienced by cryptos during the last days, enthusiasts turned bullish expecting to end this year-long bear market.