Bitcoin targeting $10,000 again, major cryptos post solid gains
The cryptocurrency market seems to have recovered after a massive correction took it below $280 billion earlier this month. That valuation brought the scene back to mid-November levels, with all the majors posting significant losses as a result. However, things have changed rather quickly, as, today, the market is getting closer to breaking $480 billion.
Bitcoin looks to be spearheading the push, as it's testing the $10,000 level, having the third-largest daily increase of the top 10 players at 8.9 percent. Litecoin is the best performer, by far, with gains of 19.5 percent, followed by IOTA with 9.1 percent. In the days following the crash, Litecoin consistently posted solid gains.
Crypto market is crashing hard: over $230bn wiped off
The cryptocurrency market has been on a tear this year, shattering record after record. Fueled by majors like Bitcoin, Ethereum, Ripple and Bitcoin Cash, it reached an incredible valuation on December 21: $654 billion. However, after the peak comes the fall, and here the crashes tend to be swift and massive.
Case in point: the cryptocurrency market is now down by more than $230 billion from yesterday's high. And, yes, you are reading that right. Its capitalization is currently hovering around the $422 billion mark. All the majors (top 10) are down by double digits in the past 24 hours, with Bitcoin suffering the smallest loss at 27.05 percent, as are nearly all the other coins in the top.