Over the past 12 hours the crypto market has begun a tumble towards reaching new yearly lows. The decline began yesterday at 22:30 UTC when Bitcoin dropped over 5% in a matter of minutes. 12 hours later Bitcoin dropped just over 4% within an hour.
This sudden and unexpected drop in Bitcoins valuation has caused the rest of crypto market to exhibit devastating losses with most coins reporting double digit declines. This drop has also removed over $15 billion dollars from the market with over $9 billion of it disappearing in an hours. Ethereum has also dropped down into the third position as XRP’s market now gently exceeds Ethereum’s.
Nick Cawley, an analyst at Daily FX, recently stated the following in a blog post.
“After a positive start to 2019 with prices drifting gently higher, selling returned with a bang to the cryptocurrency space, backed by a sizable pickup in volume. Double-digit losses were recorded in some coins, while Ripple (the XRP coin) overtook Ether to become the second-largest token by market capitalization.”
As you can see, all of the top ten altcoins are reporting in the red with the exception of Tether which is still hovering $0.02 above $1 USD. This bloodbath of a market has come as a bit of a surprise and the current track of the market is not looking as though a quick turn around is in store.
As the Crypto Dog so eloquently puts it,
Doesn't look great here pic.twitter.com/mv9j05f7aN
— The Crypto Dog📈 (@TheCryptoDog) January 10, 2019