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Cryptocurrency Market Continues to Slump as Ethereum, Ripple, et al. Suffer 20%+ Fall

By Soluca

The cryptocurrency market has continued to slump over the past 24 hours, as major cryptocurrencies including Ripple, Ethereum, and Bitcoin Cash recorded over 20 percent in daily losses.

“Bitcoin Decreased Little Bit, Altcoins           Plunged a Lot”

The claims that bitcoin slumped by a small margin while smaller cryptocurrencies plunged in value are evidently false, given that major cryptocurrencies recorded larger losses in value than small cryptocurrencies in the market.
Bitcoin did decline by a small margin in comparison to Ethereum, Ripple, and Bitcoin Cash, but it also decreased by more than 15 percent. Since December, bitcoin has dropped from $19,000 to $11,000.
It is also incorrect to justify the recent decline in the market valuation of cryptocurrencies to the trading ban fiasco in China and South Korea. The Chinese government banned cryptocurrency trading in September 2017. Today, the Chinese market has barely any volume to impact the global cryptocurrency market in any way.

Many investors are currently concerned about the state of the market because of the abrupt fall in the value of cryptocurrencies. But, the cryptocurrency market regularly experiences 20 to 30 percent corrections. For instance, when the People’s Bank of China (PBoC) and the Chinese authorities banned initial coin offering (ICO) along with cryptocurrency trading in September, the price of Ethereum declined by more than 30 percent.
Two months before that, Ethereum suffered over a 50 percent decline, from $360 to $134. Given the massive corrections Ethereum, bitcoin, and Bitcoin Cash have experienced over the past few months, the recent correction is not the biggest correction the market has suffered in the past year.

 


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