Crypto market witnessed a week-long uptrend, making many analysts to predict a bounce back. However, today on Christmas, cryptocurrency market lost over US$15 billion valuations in the last 24 hours. This crypto market Christmas bloodbath seems to be becoming a mandatory trend. Last Christmas too, the market lost US$26 billion in valuation.
What Happened to Crypto Market Last Christmas?
Last year the Bitcoin price was hovering around US$14,000 and the entire cryptocurrency market had enough demand. The Christmas meltdown led to falling off the overall cryptocurrency valuation by US$26 billion. However, the robust market last year pushed the price up again after X-mas and went on to reach the all-time high crypto market valuation of US$828 billion in just 15-days.
What Happened to Crypto Market This Christmas?
At press time, Bitcoin price against the US Dollar is trading at US$3,839.7, which is around 80% less than the apex value it reached almost a year back. The condition of the other major cryptocurrencies is worse when compared with the same as last year.
- The second largest crypto coin (in terms of market capitalization) currently is Ripple (XRP). Its price is almost 91.5% down from its peak value.
- If Ethereum (ETH) is considered, its price against the US Dollar is down from its highest ever value reached a year back.
2018’s crypto market Christmas bloodbath came after it recovered significantly in the last one week. Recovery in the last 7-days came after the crypto market’s total capitalization touched yet another bottom – US$102 billion.
Crypto market is witnessing a complete meltdown on Christmas 2018. AltDex 100 Cryptocurrency Index is showing that all the top-100 cryptocurrencies are in deep red. The ALT100 index is down by -10.68%. Most of the cryptocurrencies have slumped by double-digit. Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH), and Stellar (XLM) are down by -8.34%, -10.48%, -14.96%, -15.21%, and -11.20% respectively.
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