Crypto-Crash: total market cap sheds $24 billion CAD
Quebex Fintech Inc. Jun 26, 2017
The total coin market cap suffered a huge blow over the weekend after investors withdrew large sums of money from various projects causing the market cap to nosedive.
On Friday, the market cap was more than $150 billion CAD and now it’s just under $126 billion CAD; it’s safe to say it’s been a bad few days for cryptos.
Despite this rather drastic dip, the market cap is still up massively in 2017; indeed, even after reaching yesterday’s low of $120 billion CAD, the market cap of all cryptocurrencies is up more than 400% year-to-date.
The price of a bitcoin currently sits at $3,286.47 CAD as of 6pm, ET, Monday, following a bearish weekend run which saw the currency plummet roughly 11%, according to data from CoinDesk.
Other cryptocurrencies followed suit with almost all coins showing as red over the weekend; Ethereum dropped a little over 12% in three days, hitting a low of 296.98 CAD on Sunday, before recovering somewhat to $340.45 CAD at time of press, according to Poloniex.
This recent correction has been widely attributed to profit taking from veteran investors, many of whom do not deal solely in cryptos and, as such, convert some funds to FIAT every so often.
Investor and crypto hedge fund manager Tim Enneking told CoinDesk that after experiencing such sharp gains, it is "healthy" for cryptocurrencies to "take a pause".
Bitcoin has been the best-performing currency every year since 2010, excluding 2014, although Ethereum looks set to take the crown this year having enjoyed unprecedented gains of roughly 3,000% since January.
The battle for market dominance rages on…
On Friday, the market cap was more than $150 billion CAD and now it’s just under $126 billion CAD; it’s safe to say it’s been a bad few days for cryptos.
Despite this rather drastic dip, the market cap is still up massively in 2017; indeed, even after reaching yesterday’s low of $120 billion CAD, the market cap of all cryptocurrencies is up more than 400% year-to-date.
The price of a bitcoin currently sits at $3,286.47 CAD as of 6pm, ET, Monday, following a bearish weekend run which saw the currency plummet roughly 11%, according to data from CoinDesk.
Other cryptocurrencies followed suit with almost all coins showing as red over the weekend; Ethereum dropped a little over 12% in three days, hitting a low of 296.98 CAD on Sunday, before recovering somewhat to $340.45 CAD at time of press, according to Poloniex.
This recent correction has been widely attributed to profit taking from veteran investors, many of whom do not deal solely in cryptos and, as such, convert some funds to FIAT every so often.
Investor and crypto hedge fund manager Tim Enneking told CoinDesk that after experiencing such sharp gains, it is "healthy" for cryptocurrencies to "take a pause".
Bitcoin has been the best-performing currency every year since 2010, excluding 2014, although Ethereum looks set to take the crown this year having enjoyed unprecedented gains of roughly 3,000% since January.
The battle for market dominance rages on…
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