Total Market Cap Drops $5 Billion as All Major Coins Take Price Hit
Cryptocurrencies are seeing price weakness across the board, with the top ten coins losing between 3 and 6 percent on the day, and Bitcoin down to around $3,570.
Monday, Jan. 21: cryptocurrencies are seeing price weakness across the board, with virtually all of the top 100 coins by market cap tipping into the red.Top ten coins have lost between 3 and 7 percent on the day, as data from Coin360 shows.
Market visualization by Coin360
Bitcoin (BTC) is down about 4 percent on the day to press time, slipping from a 24-hour high of ~$3,755 to its current price point around $3,570.
Despite a jagged week of fleeting gains, the top coin has now come virtually full circle on its 7-day chart, and is trading just 0.5 percent down on the week. Monthly losses are nonetheless at a heftier 11 percent, according to CoinMarketCap.
Bitcoin 7-day price chart. Source: CoinMarketCap
Ripple (XRP), currently the largest altcoin by market cap, is down fractionally less, shedding 3.4 percent on the day to trade at ~$0.317 to press time. Ripple’s market share is currently $13 billion — as compared with Ethereum (ETH)’s ~$12.2 billion.
After an unsteady week, Ripple is down a slight 2.4 percent on the week, but monthly losses are much higher, at 13.6 percent.
Today, fintech startup Crypto Garage announced its Bitcoin settlement system using Blockstream’s Liquid Sidechain was the first blockchain finance project to get the green light under the Japanese government’s regulatory sandbox scheme.
Ripple 7-day price chart. Source: CoinMarketCap
Second largest altcoin Ethereum (ETH) is down 5 percent on the day, and is trading at ~$117 to press time. Despite a strong price surge to above $130 Jan. 15, Ethereum’s protracted decline has brought it back down almost full circle, losing just under 1 percent on the week.
Over the medium term, Ethereum is trading slightly higher than it was at the start of its one month chart, up 2.17 percent on the month.
Ethereum 1-month price chart. Source: CoinMarketCap
The remaining top twenty coins on CoinMarketCap are all in the red, with losses ranging between 2 and 8 percent. Maker (MKR), ranked 20th, is down the most — losing 8.13 percent on the day to press time. Litecoin (LTC), ranked 8th largest, is also down close to 5 percent, and Cardano (ADA), ranked 11th, is down over 4 percent on the day.
Tron (TRX) is currently the only top twenty coin in the green, up a solid 2.86 percent on the day.
Total market capitalization of all cryptocurrencies is around $119 billion as of press time, down 4.3 percent on the day, but seeing virtually no change on the week.
7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap
United Kingdom-based investor and entrepreneur Alistair Milne has today predicted that the next crypto market bull run will determine which public blockchains become household names in the industry. Milne expressed strong confidence in Bitcoin, boldly declaring that:
“The probability that Bitcoin matches its ATH [all-time high] price again and doesn't then continue past it seems very low. Each wave of adoption is an order of magnitude bigger than the last.”