A few days before we witnessed a major correction in the crypto market. Major digital currencies edged higher on Thursday, after a two-day sell-off saw the world's biggest cryptocurrency bitcoin lose more than 50 percent from its December high.
Koreans illegalizing crypto trading had a major impact as a lot of investment was withdrawn from the market and lot of newbies started panic selling to prevent loss resulted in a further drop in Cryptoworld.
"Bitcoin is based on a revolutionary technology. Users say it's got this very effective system for verifying transactions," NPR's Uri Berliner reports. "And bitcoin believers point out that this currency's not tied to the whims of any government. And they say that's a good thing."
But the recent price fall may not be a good thing for investors, who are still trying to figure out what the crash means for the future of the cryptocurrency. Many other digital currencies have shown similar swings in recent days.
As you can see the total market capitalization fell from $750 Billion to $420 Billion within 4 days which is approximately 44% fall which is quite huge. But as a crypto trader it was a great time for investment, bitcoin and all other altcoins were at dip and ready to hop again and give you profits. As you can see in the graph the total market capitalization has risen again to $570 billion as a lot of money is flowing in due to lower prices of all the cryptocurrencies
And the cryptomarket is green again for your profits.
Cryptocurrencies make a comeback Cryptocurrencies make a comeback
Bitcoin and ethereum — the first and second largest virtual currencies by market value — appeared to recover after Wednesday's lows.
Bitcoin fell as low as $9,199.59 on Wednesday morning, but bounced back to $11,527 as of now.
Ethereum on the other hand dived below the $800 mark to a three-week low of $780.92 Wednesday, but lifted to $1,072.57 the following day.
In fact the whole market is recovering and holding strong for now.
That's all from my side.
Happy Trading