As the world of cryptocurrency
continues to unfold, sudden price fluctuations have taken its investors on quite the roller coaster ride.
In 2017, cryptocurrency main players like Stellar Lumens (XLM), Ethereum (ETH), Ripple (XRP) and bitcoin (BTC) appeared to rocket upward in value, showing no signs of slowing down. Fast-forward to January 16, 2018 — the day cryptocurrency crashed, dramatically changing its value perspective in one day.
We’ve analysed the top 10 cryptocurrencies by market cap, reviewing their movements over the past 5 years.
Value changes of the top 10 cryptocurrencies from January 15–16, 2018
Source: finder.com, CoinMarketCap
Of the top 100 cryptocurrencies, only three entered the market on January 16, 2018, without a decrease in value. In just 24 hours, 10 coins leading the pack in market cap fell by an average 24.64%. Bitcoin‘s value dropped toUS$11,418.70 — a 17.37% decrease for the day and its lowest value since December 4, 2017. For BTC, this is the ninth-biggest plunge its seen in one day since 2013. Stellar Lumens closed out the day at US$0.43, sinking its value by 28.39% — its second-hardest fall.
But NEM (XEM) and IOTA (MIOTA) took the biggest hits. Priced at US$1.39 on January 15, NEM slid US31.84% to $0.95 the following day, resulting in the largest dip it’s seen since launching March 31, 2015. IOTA took its third-biggest nosedive in 24 hours since created on June 11, 2016, falling by 29.31% to a value of US$2.46.
The virtual money market continues to prove its unpredictability, prone to turning on a dime. When considering a speculative investment like cryptocurrency, weigh the pros and cons before investing your real money. Research the market while remembering that past performance doesn’t necessarily reflect future movement.
This information should not be interpreted as an endorsement of cryptocurrency or any specific provider,
service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and
involve significant risks – they are highly volatile and sensitive to secondary activity. Performance
is unpredictable and past performance is no guarantee of future performance. Consider your own
circumstances, and obtain your own advice, before relying on this information. You should also verify
the nature of any product or service (including its legal status and relevant regulatory requirements)
and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.