The cryptocurrency market lost 25% of its value on Friday, dropping from a total market capitalization of US$640 billion on Thursday to now about US$480 billion.Bitcoin, Ethereum and Bitcoin Cash has made some decent gains from its massive drop two days ago. Where we see all the top cryptos fall by at least 20% in a day. What's the next direction for BTC, BCH, ETH? View analysis video below!
Bitcoin took a hit, plunging 25% as well to around 13,000 USD/BTC, a 34% fall from its December 17 peak of US$20,000. Ether, the native cryptocurrency of the Ethereum network, dropped 20% to US$690, while Bitcoin Cash fell nearly 45% from yesterday’s price of about US$3,700.
According to Iqbal Gandham, the UK managing director of eToro, a European social trading and multi-asset brokerage firm, the fall was mainly driven by investors converting their cryptocurrencies into fiat ahead of the holiday break after making significant returns across the year.