The New Year Market Crash!
The crypto market has seen a significant drop over the weekend. Altcoins were losing value across the board, with just three of the top twenty by market capitalization displaying growth of over 10 percent: Cardano, Qtum and Neo. Not the New Year surprise we were all expecting, right?!
Bitcoin has dropped from a Friday high of $15,266 to as low as $12,350 on Saturday. The past two weeks have been very volatile for the original cryptocurrency, as it has achieved an all-time high of $20,000 on Dec. 17, 2017, only to hold it for a single day and consequently lose about 32 percent of that value, as of press time.
The latest fall seems to be the continuation of that trend, with no recovery in sight yet. Ripple, which has just recently displaced Ethereum as the highest altcoin by market capitalization, has similarly dropped by at least 20 percent over the past two days. Despite experiencing a powerful surge this week, it hasn’t been spared from the “crypto massacre.”