Many were expecting this healthy correction. The month of December had run up too far, too fast. Others were feeling they were price out of the market or worse that a bubble was forming. A nice entry point for those on the sidelines has been just created.
The down day for the global cryptocurrency markets continues at press time with just three of the top 100 assets by market capitalization having posted 24-hour gains, data from Coinmarketcap reveals.
At press time, the price of bitcoin, the market’s largest asset, was trading below $14,000 according to the CoinDesk Bitcoin Price Index (BPI), up slightly from a daily low of $12,504. Notably, this figure was more than 30 percent below an all-time high of near $20,000 reached on Sunday, reports Cointelegraph.
But whereas earlier this week bitcoin’s decline coincided with an increase in the total value of the market as a whole, the value of all cryptocurrencies saw a reversal on Thursday, dropping roughly 25 percent from a high above $650 billion to a low of $480 billion today.
CoinDesk data from Friday’s morning trading session (6:00 to 12:00 UTC) indicates that cryptocurrencies NXT and Bitcoin Dark both posted gains above 15 percent within the six-hour period, though they were the only assets to gain more than 2 percent.
Time to load the boat.