Bitcoin
BTC$49 813.00

-0.95%

Ethereum
ETH$4 391.95

1.59%

Binance Coin
BNB$605.40

5.72%

Tether
USDT$1.000938

0.02%

Solana
SOL$191.63

1.67%

Cardano
ADA$1.38

0.73%

Nearly $170 billion wiped off cryptocurrency market in 24 hours


11 Jan 2021

#Bitcoin

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.

Source


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 74.4% 48 $49 813.00 -0.95% -11.99% $941 251 246 985 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 77.2% 39 $4 391.95 1.59% -2.72% $521 163 421 423 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 78.4% 35 $605.40 5.72% -2.08% $100 981 494 949 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 93.6% 1 $1.000938 0.02% 0% $76 397 930 724 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 70% 61 $191.63 1.67% -15.25% $58 896 286 697 SOL 7 days price change
6 Cardano (ADA) ADA Cardano predictions 65.2% 77 $1.38 0.73% -10.09% $46 053 468 779 ADA 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 92.4% 2 $0.999918 0% -0.08% $41 010 560 847 USDC 7 days price change
8 XRP (XRP) XRP XRP predictions 68.8% 65 $0.855956 5.04% -11.91% $40 441 604 421 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 64% 75 $75.93 12.09% 18.47% $28 907 461 002 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 68.4% 70 $29.14 -0.01% -17.85% $28 780 399 611 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 66.4% 65 $0.178327 0.22% -13.26% $23 617 635 191 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 63.6% 77 $92.70 3.12% -20.82% $22 508 416 490 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 62.4% 79 $0.000037 -1.09% -13.95% $20 139 409 217 SHIB 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 63.2% 70 $2.35 2.82% 11.77% $16 640 526 821 MATIC 7 days price change
15 Crypto.com Chain (CRO) CRO Crypto.com Chain predictions 65.2% 78 $0.609576 -0.56% -14.38% $15 399 729 736 CRO 7 days price change

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