Bitcoin
BTC$29 797.50

1.78%

Ethereum
ETH$1 976.21

0.56%

Tether
USDT$0.998942

-0.01%

Binance Coin
BNB$332.54

3.65%

USD Coin
USDC$1.000323

0.04%

XRP
XRP$0.402609

-1.06%

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 58.4% 89 $29 797.50 1.78% -0.41% $567 609 015 596 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 56.4% 88 $1 976.21 0.56% -2.84% $238 954 464 492 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $0.998942 -0.01% 0% $73 197 575 085 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 59.2% 85 $332.54 3.65% 10.37% $54 295 589 528 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94% 1 $1.000323 0.04% 0.02% $53 422 966 109 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 58.4% 91 $0.402609 -1.06% -6.04% $19 463 373 242 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000280 0.05% 0.01% $18 311 484 205 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 59.6% 92 $0.518492 1.08% -7.75% $17 493 413 044 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 59.2% 92 $49.18 0.18% -9.36% $16 686 805 636 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 56.8% 88 $0.083335 0.30% -6.22% $11 056 071 504 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 57.2% 92 $10.05 2.61% -3.60% $9 928 054 647 DOT 7 days price change
12 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 60.4% 89 $29 763.34 1.86% -0.45% $8 214 769 231 WBTC 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 59.6% 91 $28.63 -0.23% -13.98% $7 753 109 952 AVAX 7 days price change
14 TRON (TRX) TRX TRON predictions 72.8% 57 $0.080951 0.80% 12.50% $7 660 741 401 TRX 7 days price change
15 Dai (DAI) DAI Dai predictions 96% 1 $1.000068 0.05% -0.04% $6 575 909 240 DAI 7 days price change

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