After a volatile beginning of the new year, the crypto markets are again falling across the board. Almost all of the top twenty coins on CoinMarketCap are in the red on Monday, Jan. 22, with the biggest loss around 13 percent over a 24 hour period.Bitcoin (BTC) is approaching $10,000 again, a threshold that it had briefly dipped below on Jan. 17. BTC is trading for around $10,709 by press time, with a 8.95 percent drop over a 24 hour period.
Ethereum (ETH) is also below $1000, trading at around $981 at press time, with a 8.47 percent drop over a 24 hour period.The market’s early year dip appears to be a repeat of previous January lows, and 2017 had already seen three large drops of 38, 40, and 29 percent. This makes Jan. 17’s over 30 percent slide of both BTC and ETH seem to fit into a previously recorded pattern.
This current dip could be related to a Wall Street strategist predicting a 70 to 90 percent price drop for Bitcoin on CNBC.The only two coins up are EOS, trading at around $13.29 by press time and up 2.10 percent over 24 hours, and VeChain, trading at about $8.29 and up 6.57 percent over 24 hours by press time.Total market cap is down to around $514 bln by press time, about $100 bln less than when the year began.