The cryptocurrency markets have had a rough end of the week, though still showing significant gains over just months ago.
At present, every major cryptocurrency is experiencing double-digit percentage 24-hour price losses, most in the 30-40% range. The combined market cap of cryptocurrencies has fallen from a recent high yesterday of $654 billion to a present level of $422 billion, a $232 billion loss in under a day. Dash, which recently hit an all-time high of over $1,600, has similarly taken a hit, falling to a present price of $877.
Cryptocurrency markets still up dramatically this year, this month
Despite the sharp downturn, the cryptocurrency markets are still significantly higher than relatively recent highs. At time of writing, the markets are still 33% higher than the beginning of the month, and still over three times higher than one month ago.
Dash, while presently at prices barely over half of its recent high, is still up by orders of magnitude from the beginning of the year’s $11 price range. Late March the price breached $100, late July it breached $200, and one month ago it passed $500, making the price at time of writing of just under $900 still a significant rise.
New investors may not have remembered the 2013 correction
Proclamations of a broad-based market crash may be a little far-fetched, as are comparisons to the first great cryptocurrency market correction. At the end of 2013, the market experienced a surge to a record high of $15 billion, tenfold higher than just two months prior. The field then entered a bear market over the next year, dropping to under $5 billion in late 2014, less than one-third its all-time high. Cryptocurrency did not reach its previous all-time high again until late 2016, three years after its initial surge.