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8 December 2021
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Markets Take Renewed Downturn, Cryptos Hit By Strong Losses Across The Board

Friday, Dec. 28 — markets have taken a renewed plunge, with virtually all of the top 100 cryptocurrencies in the red and many high market cap alts seeing losses of between 5 and 12 percent, as data from Coin360 shows.

Market visualization

Market visualization by Coin360

Fourth-largest cryptocurrency Bitcoin Cash (BCH) has led the downturn, seeing a steep 12.15 percent loss on the day to trade at $126. Today marks a low-point on the alt’s 7-day chart, at the start of which it was trading over $220.

Bitcoin Cash 7-day price chart

Bitcoin Cash 7-day price chart. Source: Cointelegraph’s Bitcoin Cash Price Index

Bitcoin (BTC) has seen a more moderate loss of around 4 percent on the day, and is trading at $3,605 to press time. Having hit intra-week levels as high as around $4,230 on Dec. 23, the top coin’s renewed downturn have all but reversed recent gains and Bitcoin is back trading close to its value mid-December.

Bitcoin’s losses remain a mild 2.4 percent on the week and 3.6 percent on the month.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index.

Second-largest crypto by market cap Ripple (XRP) is down over 5 percent on the day, according to Cointelegraph’s Ripple Price Index. Notwithstanding an intraweek spike to $0.45 on Dec. 23, Ripple has mostly been trading range bound between $0.35 – $0.39. The alt has today come close to the price point it held on Dec. 21 — weekly losses are at a mild 1 percent; on the month, the Ripple is down over 4 percent.

Ripple 7-day price chart

Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index.

Ethereum (ETH), ranked third by market cap, is down over 7 percent and trading at $115 at press time. Following intra-week highs of over $150, the alt has virtually come full circle on the week, reversing recent growth.

Ethereum’s 7-day price chart

Ethereum’s 7-day price chart. Source: Cointelegraph’s Ethereum Price Index

Among the top ten coins on CoinMarketCap, Bitcoin SV (BSV) has shed close to 11 percent on the day to trade at $83.20. EOS (EOS), Stellar (XLM) and Litecoin (LTC) have all shed 6-7 percent on the day.

Among the top twenty, Ethereum Classic (ETC) and Nem (XEM) are down the most, shedding 8.3 and 9.2 percent at $4.82 and $0.06 respectively.  Dash (DASH), Cardano (ADA) and Tron (TRX) are all down over 7 percent — the strongest 24-hour performer is IOTA (MIOTA), which is down a milder 3.8 percent on the day at $0.31.

Total market capitalization of all cryptocurrencies is at around $120.4 billion as of press time — down from an intraweek high of over $146.5 billion on Dec. 24.

7-day chart of total market capitalization of all cryptocurrencies

7-day chart of total market capitalization of all cryptocurrencies from CoinMarketCap

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