The Cryptocurrency market cap has halved within the past month

The Cryptocurrency market cap has halved within the past month

The Cryptocurrency market cap has halved within the past month

On January 8th the total cryptocurrency market cap reached its peak of over $830 billion US, the highest value the digital currency market has ever seen. Since then announcements and rumours of cryptocurrency regulations across the world have dampened the market’s enthusiasm over digital currencies like Bitcoin, causing the market to have a general downward trend since that date. 

At the time of writing the market cap of the entire cryptocurrency market sits at $372.45 billion, which is less than half of the market’s peak less than a month ago, wiping away over $400 billion in market value in less than four weeks.   

In recent days South Korea has started regulating Cryptocurrencies, India has threatened to do the same and Facebook has banned as Cryptocurrency related advertisements. This news has caused many investors to sell out, dropping the value of most major cryptocurrencies. Not everything regarding cryptocurrency is negative, with certain currencies like DigixDAO increasing in price by over 50% in the past 24 hours, despite the drop in the total value of the crypto market.   

  

The Cryptocurrency market cap has halved within the past month

(Graph from Coinmarketcap.com)

 

The Cryptomarket remains highly unpredictable, sitting in a wild west scenario where there are limited regulation and plenty of opportunities to lose or win big. 

Right now Bitcoin is approaching a value of $8,000, something that hasn’t been seen since November, reversing the huge positive trends the currency has seen in December. 

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