After a flying beginning of the new year, the crypto markets are again falling across the board. Almost all of the top 20 coins on CoinMarketCap are in the red zone on Monday, Jan. 22, with the largest loss about 13% over a 24 hour period.
The bitcoin is approaching $10,000 again, a range that it had shortly dipped below on Jan. 17. Bitcoin is trading for about $10,709 by press time, with a 8.95% drop over a 24 hour period.
Ethereum (ETH) is also under $1000, trading at about $981 at press time, with a 8.47% fall over a 24 hour period.
The market’s early year drop appears to be a repeat of previous January lows, and 2017 had already seen 3 big drops of 38, 40, and 29%. This makes Jan. 17’s over 30% slide of both BTC and ETH seem to fit into a previously recorded pattern.
This current drop could be connected to a Wall Street strategist predicting a 70 to 90% price fall for Bitcoin on CNBC.
The only 2 coins up are EOS, trading at about $13.29 by press time and up 2.1% over 24 hours, and VeChain, trading at about $8.29 and up 6.57% over 24 hours by press time.
Total market cap is down to about $514 billion by press time, approximately $100 billion less than when the year began.