The cryptocurrency markets have undertaken a sharp correction, falling nearly 50% this month.
On Monday the 8th of January the markets took a significant dip, falling form a high of $829 billion to $702 billion over the course of the day. The market maneuvered in the $700 billion range until Monday of this week, which saw another drop to $543 billion, followed by a further dip to $450 billion late Tuesday. At time of writing the combined valuation of cryptocurrencies rests near $425 billion, nearly a 50% retracement from recent highs.
The markets first broke past present levels on the 7th of December, rising rapidly to new highs. This market dip essentially constitutes a return to early December levels.
Dash’s impressive 2017 surge brought to more realistic levels
Dash similarly took a hit during the market correction. A price range of around $1,000 had been maintained in late December and early January. Then, beginning early Monday, the price took a sharp dip to a recent bottom of $632, where the price remains at present.
2017 proved to be an exceptional year for Dash, rising from $11 on January 1st to a high of over $1,600 in December. Today’s recent low still makes a nearly 60-fold increase over the past year, and constitutes a return to late November levels.
Cryptocurrency mania has resulted in new highs, crashes, and regulatory moves
The surge of interest in cryptocurrency over recent years has similarly resulted in a significant price increase. The rapid addition of new users and high trading volume over a short period of time has introduced a certain degree of volatility to the markets. Additionally, regulators have begun to increase their involvement in the space. A series of both actions and considered actions by the South Korean government likely contributed to recent fluctuations. This week, a petition was signed by South Korean cryptocurrency traders encouraging their government to allow the markets to continue to flourish, and reconsider some of the more harsh regulatory proposals.