All Cryptos See Major Losses as Market Hit by Distinctly Unfestive Correction
Crypto markets are lacking in Christmas cheer, with virtually all of the top 100 coins by market cap in the red.
Friday, Dec. 25 — crypto markets are lacking in Christmas cheer, with many major crypto assets hit with double-digit losses. Virtually all of the top 100 coins by market cap are in the red, as data from Coin360 shows.
Market visualization by Coin360
Largest cryptocurrency Bitcoin (BTC) has plummeted over 9 percent on the day, and is trading at $3,812 as of press time, according to Cointelegraph’s Bitcoin Price Index. After bullish growth yesterday, Christmas eve, to break over $4,236, the top coin has been trading as low as $3,755 in the trading hours before press time — an around $500 drop.
Over these past seven days, Bitcoin’s trading pattern has been characterized by high volatility — veering between reclaiming the $4,000 price point and beyond, to dipping back down towards the $3,700–$3,800 range.
While the coin is still a strong 17.2 percent higher than its value at the start of its weekly chart, on the month, Bitcoin is down by around 12 percent.
Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index
Second-largest crypto by market cap Ripple (XRP) has fared even worse, shedding a stark 15 percent over the 24 hours before press time, according to Cointelegraph’s Ripple Price Index. The asset is currently trading at $0.38 — following an intraweek peak at $0.45 yesterday. On its weekly chart, Ripple is nonetheless a strong 31.5 percent in the green, with monthly losses at a mild 7 percent.
Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index
Ethereum (ETH) — ranked third by market cap — has lost over 18 percent on the day and is trading at $127 to press time. During yesterday’s mini-rally, Ethereum had broken above $150 — its highest price point in around five weeks.
Ethereum is a bullish 51.5 percent in the green on its weekly chart, and it has inched into green on the month, up by around 5 percent.
Yesterday’s price hike in the context of Ethereum’s 3-month price chart. Source: Cointelegraph’s Ethereum Price Index
Fourth-largest cryptocurrency Bitcoin Cash (BCH) is down around 20.7 percent and is trading at $164 as of press time. Having seen astonishing volatility as of late, the coin is around 113 percent up on its weekly chart — and down by around 27 percent on the month.
Including BTC, XRP, ETH and BCH, sixteen of the top twenty coins on CoinMarketCap are down by between 10 and 19 percent on the day. Stark losses have hit cryptos such as Litecoin (LTC) — down almost 12 percent at $31.09 — IOTA (MIOTA) — down 14 percent at $0.33 — and Cardano (ADA), down 16 percent at $0.04.
Dash (DASH) is down by around 16 percent at $82; Ethereum Classic (ETC) is down around 13 percent at $4.72. Privacy-focused altcoins Monero (XMR) and ZCash (ZEC) are down 10.8 and 12 percent, at $50.5 and $61.57 at press time.
Total market capitalization of all cryptocurrencies is at $128.8 billion as of press time — having hit over $147.8 billion yesterday. It nonetheless remains up from a low of $114.2 billion at the start of the 7-day chart on Dec. 18.
7-day chart of total market capitalization of all cryptocurrencies from CoinMarketCap
Earlier today, news broke that Japanese internet giant GMO Internet Group is quitting the Bitcoin mining hardware sector, after reporting an “extraordinary loss” in Q4 this year, amid the unrelenting crypto bear market.