Nearly $170 billion wiped off cryptocurrency market in 24 hours
Bitcoin and other digital coins tanked on Monday wiping off some $170 billion from the entire cryptocurrency market. The market capitalization or value of the cryptocurrency market was $959.53 billion at 12:10 p.m. Singapore time, down from $1.1 trillion a day earlier, according to Coinmarketcap.
Bitcoin, the largest cryptocurrency, fell over 11% from a day earlier to $35,828.06, at around 12:15 p.m. Singapore time. Ether, the second-largest, was down around 15% to $1,126.72. The sell-off in cryptocurrencies comes after a huge rally and perhaps signals some profit-taking from investors. Bitcoin is still up over 340% in the last 12-months and last week hit an all-time high just below $42,000.
“The correction we saw was expected as we believe the BTC price surge recently from under $20,000 to $40,000 in the past four weeks will induce sell pressure,” Simons Chen, executive director of investment and trading at cryptocurrency financial services firm Babel Finance, told CNBC. The $40,000 mark could have been a trigger for profit-taking, Chen said.
Bitcoin’s resurgence has been attributed to a number of factors including more buying from large institutional investors. And it has also been likened to “digital gold,” a potential safe-haven asset and a hedge against inflation. In a recent research note, JPMorgan said bitcoin could hit $146,000 in the long term as it competes with gold as an “alternative” currency. The investment bank’s strategists noted, however, that bitcoin would have to become substantially less volatile to reach this price. Bitcoin is known for wild price swings.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 83.6% | 20 | $101 701.81 | 1.69% | 2.07% | $2 013 246 996 833 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 69.2% | 63 | $3 915.40 | -0.05% | -2.15% | $471 597 924 366 |  |
|
| 3 |  XRP |
XRP predictions | 60.4% | 90 | $2.47 | 5.89% | 1.39% | $141 142 112 565 |  |
|
| 4 |  USDT |
Tether predictions | 91.2% | 1 | $1.000042 | -0.01% | -0.14% | $140 139 591 223 |  |
|
| 5 |  SOL |
Solana predictions | 77.6% | 34 | $225.66 | -0.24% | -4.29% | $108 098 878 749 |  |
|
| 6 |  BNB |
Binance Coin predictions | 72.4% | 60 | $728.99 | 2.96% | -1.69% | $104 980 392 576 |  |
|
| 7 |  DOGE |
Dogecoin predictions | 77.6% | 45 | $0.410083 | 0.70% | -5.78% | $60 360 933 009 |  |
|
| 8 |  USDC |
USD Coin predictions | 94% | 1 | $0.999956 | 0% | 0% | $41 989 588 944 |  |
|
| 9 |  ADA |
Cardano predictions | 62.8% | 74 | $1.11 | 0.75% | -8.74% | $38 938 221 420 |  |
|
| 10 |  TRX |
TRON predictions | 57.6% | 93 | $0.294798 | 1.75% | -10.07% | $25 424 946 533 |  |
|
| 11 |  AVAX |
Avalanche predictions | 68.8% | 65 | $52.49 | -1.10% | 0.78% | $21 502 759 836 |  |
|
| 12 |  LINK |
Chainlink predictions | 59.6% | 87 | $29.57 | 0.59% | 14.33% | $18 538 470 003 |  |
|
| 13 |  SHIB |
SHIBA INU predictions | 69.6% | 68 | $0.000029 | 2.81% | -6.07% | $16 940 665 280 |  |
|
| 14 |  TON |
Toncoin predictions | 69.2% | 69 | $6.31 | -0.68% | -7.62% | $16 085 252 236 |  |
|
| 15 |  DOT |
Polkadot predictions | 60.4% | 78 | $9.01 | -0.51% | -15.10% | $13 775 503 688 |  |
