For anyone in the cryptocurrency world, the last few days have been horrible with a couple of major dips in virtually all cryptocurrencies.
The entire cryptocurrency market cap reached over $800 billion on January 7, and has been on the decline since.
But the last 7 days have been horrible, where it dipped into the $700 billion area and then has really dived off a cliff in the last 24 hours into the sub-$500 billion mark, stabilizing (for now) at $530 billion.
Bitcoin had reached an all-time high of $19,800 back in mid-December, and then down to $12,600 or so on December 31, BTC rallied back up to $17,000 on January 7, and then it has been rocky ever since. BTC is now dipping its toes in the $11K zone, with some crypto experts and traders saying we could see support for BTC in the $8K region.
Ethereum on the other hand peaked on January 13 at $1440, with ETH now swimming around in the $1000-or-so pool.
Ripple reached a pretty big peak of just under $3.50 on January 7, before it has fallen down past the support at $2, and now is edging the sink at $1.21, at least at the time of writing.
Where to from here? I don't think we can go down another 20-30%, but it could happen, before a slow rebound effect hopefully takes place.
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