Cryptocurrency Market Capitalization fell by Almost $ 170 Billion per day
Cryptocurrency market capitalization fell by almost $ 170 billion per day
Last Sunday, January 10, the cryptocurrency market capitalization reached $ 1.1 trillion. Over the past 24 hours, this figure has fallen by almost $ 170 billion (up to $ 957.5 billion), according to CNBC.
The fall began on Monday night. All digital currencies now bear losses. Bitcoin fell to $ 33,500 over the past day.
Ether (ETH) and Litecoin (ETH) dropped to $ 1,025 and $ 131, respectively on the BitXmi crypto exchange. Investors’ switch to profit-taking was the main reason for the market fall, which showed record growth in November-January.
Simons Chen, top manager of the crypto company at Babel Finance, emphasized:
“The correction we are seeing was expected as we believe the recent spike in BTC prices from $ 20,000 to $ 40,000 over the past four weeks will increase market pressure and trigger selling.”
He also believes the pullback was expected. However, do not despair. The market decline allows investors to enter the crypto sphere on more favorable terms. According to the businessman’s forecasts, soon we will again reach $ 50,000, and in the second quarter, Bitcoin will be able to approach $ 100,000.
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