If we look on the cryptocurrency marketplace as a whole, we are asking why are we seeing so much red and when will it recover and rebuild as we thought we were going straight towards a bull run? The market cap is at 403 billion dollars heading towards the 300 billion dollars market and Bitcoin’s dominance is at 42.5% which is pretty huge. All the cryptos are in the red and some of the coins have been down for seven days now, so we’re creeping back to that low market cap number of $300.
Some coins are being affected in different ways, especially Bitcoin whose value is $9,381.10 at the moment. Some speculators and analysts were imagining Bitcoin growing to $11,000 this week, but it seems like it did exactly the opposite. Ethereum is standing at $704 and Ripple at 80 cents, with drops in the last 24 hours of less than 1.5%.
If this market was to rebound to its mid December or early January price, we would be a very rich population here in the cryptocurrency space, because we would see a lot of these coins explode. The positive thing about this is that we are able to buy the coins at such cheap prices, because the market will enter again a bull run and the prices will rise again. It seems a little scary, but it is also a great buying opportunity if you believe in the crypto space. If we look at the green part of the market, the highest grossing crypto today that is actually making some profit, is DigiByte with 11.27% up. NEM is growing with an almost 10% increase in the past 24 hours and Siacoin with 8.77%.