Right after falling by more than 40% in only 5 days, Bitcoin reached a high of $15,479.26 yesterday. But it didn’t last long. At 20:28 UTC, it was trading at $13,151.92, down 9.6% from its price 24 hours ago.
Other cryptocurrencies were in trouble as well. Bitcoin Cash and IOTA, both having registered significant gains last week, were the biggest losers among the top traded cryptocurrencies, falling by 18.78% and 18.24% as of this writing.
Ripple, also has shed 14.74% from its price 24 hours ago. But its price was still trending above $1, a mark it crossed last week. The cryptocurrency market was worth $509.8 billion at 20:34 UTC. On the back of its recovery, the market had reached a high of $599.7 billion yesterday. On Friday, it tumbled to valuations as low as $432 billion.
Bitcoin futures contracts expiring in January, which is the most-traded derivative, closed at $13,960 and $14,135 at close on trading in CBOE and CME respectively.
Mike Novogratz, the billionaire investor who has over 30% of his net assets in cryptocurrencies, tweeted that bull market isn’t over, it’s just pausing.
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