The cryptocurrency market has experienced a powerful drop late this week, marking the end of 2017. It is not the way to bring in the new year that people had been hoping, and instead saw coins losing value across the board. Only three of the top twenty coins actually displayed growth.
The first and most popular of the cryptocurrencies, Bitcoin dropped from a high of $15,266 to $12,350 pretty much overnight. The past two months have been incredibly volatile, with it achieving an all time high of $20,000 in mid December, only to lose nearly thirty two percent of that value in just one day!
Ripple has recently displaced Ethereum, as the highest altcoin by market capitalisation, and has again dropped by at least twenty percent over the past two days. This is after it experienced an incredibly powerful surge, proving that it is not exempt from this crypto massacre.
Ethereum has dropped again, but not by much. It has fallen from $769 to $685, which is a loss of just eleven percent, which is much more favourable than the aforementioned cryptocurrencies. It has also recovered very slightly over the past twenty four hours. Despite this slight fall, on the whole, 2017 has been a good year for Ethereum, seeing the coin rise from just $8 to a high of $750.
BitcoinCash, Litecoin, NEM, Dash and Monero havenât fared too well either, and have all lost value over the past couple of days. If you have been following the world of crypto, you will know that on the whole it has been very good for the vast majority of coins, and it is predicted that the crash that has been seen over the past couple of days is hopefully just a temporary measure and that they will begin to pick up again in the new year.
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