as Market Sheds $13 Billion
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----snippet from article----
Is the long-awaited 'crypto correction' finally here?
There was certainly ample evidence to suggest the answer was yes today, as cryptocurrencies both large and small suffered widespread losses, a decline that analysts attributed to profit taking from veteran investors.
Overall, the total market capitalization of cryptocurrencies fell to as little as $91.4bn today, a more than 20% decline from the all-time high of $117.2bn it reached around mid-June, and down over 13% from the day's open at $105.3bn.
At the time of report, the top 20 cryptocurrencies as ranked by market capitalization had all suffered declines in the last 24 hours, according to data from CoinMarketCap.
Charles Hayter, co-founder and CEO of leveraged cryptocurrency platform CryptoCompare, asserted in his comments that the decline was evidence of how hype had impacted the markets of late.
As far as I know the fake news of Vitalik Buterin's death drove the price of ethereum down....
perhaps that was a contributing factor.
The recovery has started .... get Zcash while its on sale !!!
Wow... Steem isn't even in the top ten...???
@pocketechange
Looks like it says Steem is $1.75... #17...
old news.
Steem is at $ 1.8694294685 right now.
but it was in 17th place earlier bymarket capitalization
(technical term...no clue what it means)
the 'UPS'
everything else is
down.
They will come to the surface fast!
They already are...read my earlier post.
I guess if we are not doing margin trading and have holding power, it should be alright. I'm new to cryptocurrency but that is what I have observed in this short time I have been following. I'm learning a little more every day :)
If this were the stock market, we'd see traders jumping from skyscrapers. The digital currencies seem very resilient as most participants see this as a long term play.
crypto is like the stock market on hyperdrive.
what takes days, weeks, or months to happen on the stock market.
takes seconds, minutes or hours on crypto.
True that!
It's a bit like playing Jenga isn't it? The faster it gets higher, you know something has to tumble, here's to trusting your gut instinct.
don't know from Jenga
For some reason I think it's an old hacker with a crap load of stolen bitcoin from exchanges or whatever that is unloading chunks each week.... that's my prediction.
It will eventually stop repeating this cycle..
Either that or its the severe rich printing USD to buy bitcoin, and then dumping it at a loss just to turn the markets. Either way... its unnatural to me. It's not a correction of this magnitude I don't think.