The crypto market has retraced slightly in the middle of an unexpected market rally. The rally, which began on January 2—when the crypto market was worth $185 billion—pushed prices up across the board, with the crypto market peaking at $288 billion. Today, prices fell somewhat, knocking $8 billion of the current crypto market cap.
The bearish momentum began earlier this morning, after almost $200 was cleaved from the value of Bitcoin in less than an hour. After some further damage, BTC now stands at just over $9,800. Likewise, Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) have each lost around four percent in the last 24 hours.
But, the rally is still in full swing. Since the prices started surging upwards, they have seen similar pushbacks at least six times, before going on to reach new recent highs. However, if the total crypto market cap falls below $270-280 billion, then change could be on the cards.
Even though the bulk of cryptocurrencies are in the red today, several stragglers have managed to buck the trend. Both Binance Coin (BNB) and Tezos (XTZ) are still up more than four percent for the day.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.