From Coindesk
Is the long-awaited 'crypto correction' finally here?Read more here: http://www.coindesk.com/crypto-correction-bitcoin-ether-dive-market-sheds-13-billion/There was certainly ample evidence to suggest the answer was yes today, as cryptocurrencies both large and small suffered widespread losses, a decline that analysts attributed to profit taking from veteran investors.
Overall, the total market capitalization of cryptocurrencies fell to as little as $91.4bn today, a more than 20% decline from the all-time high of $117.2bn it reached around mid-June, and down over 13% from the day's open at $105.3bn.
At the time of report, the top 20 cryptocurrencies as ranked by market capitalization had all suffered declines in the last 24 hours, according to data from CoinMarketCap.
Charles Hayter, co-founder and CEO of leveraged cryptocurrency platform CryptoCompare, asserted in his comments that the decline was evidence of how hype had impacted the markets of late.
With media outlets portraying the market as one driven by easy gains, investors drawn to the space, he said, did not know "what they were getting into".
He said of the day's events:
"A correction of sorts was [in] the cards."
At press time, bitcoin was down 7% on the day's trading, while ether, the digital asset that powers the ethereum blockchain, was down nearly 20%.
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I think the downturn is because of all of the injected capital in ICOs in Ethereum and Bitcoin being spent for operating costs by the new companies. The snowball effect into other cryptos is just a side effect of the decline in btc and the selloff to take advantage of low entry points for btc and eth. People typically rush to safety during a downturn. I think this problem will correct itself in weeks.
I think it will level out good post
Thanks for the share, followed :)
Thanks for the information
Just checked coinmarket and the past hour section is just "?" for everything. I think someone broke it. :x
Gracias por la información
Correction, correction. Good post. Im trying to 2 daily reports to keep.
https://steemit.com/cryptocurrency/@jrose1010/video-crypto-market-update-evening-report-6-26-17
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Thankx for sharing