In a rough turn of events, the cryptocurrency market went through a severe plunge. When the dust settled, roughly $190 billion worth of market cap was wiped out. Bitcoin and other tokens have suffered significant losses. Bitcoin fell from a $20,000 high last week, to below $12,000 this week. This was the greatest market correction in the cryptocurrency market. At its epitome, the market went through a decline of $232 billion, falling from the recent peak of $650 billion.
Almost all cryptocurrencies suffered from double digit losses. Major altcoins, such as Ethereum, litecoin, IOTA, dash, and bitcoin cash, all suffered losses. Ripple's XRP also suffered from losses, but managed to regain them later in the day.
Another tumble
One of the biggest hedge fund supporters of cryptocurrency, Michael Novogratz, sent bitcoin tumbling again on Friday when he tweeted that the market ought to slide another $4,000 before resuming its bullish behavior.
Only a few of the cryptocurrencies posted gains in the past few days. Ripple's XRP was priced $1.30, which was a gain from its price of just $0.25 earlier this month. This was an all time high for XRP and an almost 400% gain in just this month.
However, severe losses were observed in the market as a number of traders lost a lot of their investments in the last few days of trading.
The cryptocurrency market is expected to resume its bullish behavior soon. Investors claim that this is nothing but a market correction and will only add value to the tokens. It will be interesting to see how the market reacts in the coming days.