The second week of the year starts with a major healthy correction.
We lost almost 15% (125bln.) of the the total crypto market value in less than 24 hours. That is a serious pull-back.
At time of writing this post we see quotes already stabilizing. :)
The current market cap value is 730 bln USD.
What is somewhat new are the drops in phases. Do you see sharp declines at the right. It looks like stop orders kicked in at major pairs. I can't really think of something else.
below chart represent the total market value over the last 7 days
Bitcoin
BTC dominance is losing again. It gained yesterday almost to 37%. Next week at some point 80% of all available Bitcoins will be in circulation. Keep an eye of possible incremental volume kicking in at that time.
The top 15
All red over the last 24 hours.
Do you see the strenght in NEO and ETH? It looks like those are less and less volatile. Steem, not a top 15 crypto anymore is starting to mature as well. Still more volatile than the average top 15 crypto but no drop of 25%>.
With more and more institutional money flowing into crypto, pay special attention to major FX swings. The USD is losing ground vs the EUR and hit R level. If the USD will become less and less stronger, chanches are great that more and more money will come into crypto markets, at faster rate!
below the USD/EUR weekly chart. Notcie the R level that is now being tested.
What do you think will happen when USD will lose more ground?
What are youre thought about todays correction? How do you handle your emotions?
Have a great day and until the next update. Pls. feel free for suggestions on market reports or technical analysis.
makeithappen