Cryptocurrency Market Suddenly Drops $20 Billion (And Counting) — But Why?

After a week of boring sideways trading, the cryptocurrency market has made its decision — solidifying that sellers are firmly in control.

Sea of Red

The last 24 hours have been a bloodbath for cryptocurrencies across the board after a week of prolonged sideways trading kept sellers firmly in control.

The total cryptocurrency market capitalization has fallen from roughly $340 billion at 01:30 CET to nearly $320 billion at 10:00 CET — with the majority of said loss occurring in the span of fewer than 2 hours. At the time of this writing, it appears the sell-off has not finished.

Bitcoin has unsurprisingly fallen the least out of the major market players. The first and foremost cryptocurrency is trading at $7,230.36 USD and is down 5.55 percent, at the time of this writing.

Following suit, Ethereum is down 6.72 percent.

Ripple, Bitcoin Cash, and EOS have been hit even harder. The third, fourth, and fifth largest cryptocurrencies by market capitalization are trading at prices down 8.46 percent, 9.53 percent, and 10.84 percent, respectively.

Cardano and IOTA have also been hit hard. The former is down 10.08 percent while the latter is down 13.39 percent.

All things considered, eager buyers might find today to be a good time to go shopping — potentially sparking the momentum needed to set off another bull run. However, the cryptocurrency market is unpredictable, and those waiting it out might not be interested in trying to catch a falling knife…

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