Cryptocurrency crash: 30%+ drops and today’s biggest losers
Some coins are going below and beyond, shedding over 30% value in 24 hours after weeks of slow bleeding.
The hearty cryptocurrency bloodbath is still going strong. It kicked off around mid-January, and the occasional rises since then have quickly been drowned in loss as the markets hemorrhage money.
The biggest loser of the day is DigixDAO (DGD), which has managed to pull off a striking 35% loss in value over the last 24 hours according to CoinMarketCap. On 2 February DGD was one of few coins to actually make gains, likely due to its function as a paired management coin to the gold backed DGX.
At a time when the markets were falling like a stone and Tether was suffering from a sharp lack of confidence, this supposedly stable coin might have seemed like a promising option for some.
Today's whopping price drop might have been caused by its previous gains simply giving it further to fall today, or a loss of confidence in its ability to remain steady against the falling market (evidenced by its inability to remain steady against the falling market).
The MakerDAO (MKR) token, counterpart to the Dai stablecoin, has also been losing value and is showing as down 23% over the last 24 hours. It's making a real show of it though, and it looks like the sharper shifts are its automated trading algorithms in action (liquiding ETH to help shore up Dai prices) rather than the more conventional human selling.
The Dai stablecoin itself is actually pushing upwards against its US$1 peg and is priced at $1.01 at the time of writing according to CoinMarketCap. This comes despite no significant increase in daily trading volume.
What does this mean? Probably that a lot of people are riding out the bloodbath in Maker Dai the way they used to with Tether.
The other biggest losers
Other large market cap coins shedding a lot of blood today, even by the messy standards of the current market, include:
- Nano – Down 33% over the last 24 hours, the fast, free coin formerly known as RaiBlocks has dropped the second most.
- 0x – Down 30%, the ZRX token, designed to be a staple of the ERC20 system (the wider Ethereum standard), is dropping quicker than other ERC20s.
- ICON – Down 30%, Korea's all-in-one "hyperconnect" token is hyperfalling.
- Enigma – ENG is down 29%. Appropriately the Enigma Catalyst system is largely designed to facilitate machine learning on the cryptocurrency exchanges. It's probably been learning a lot lately.
- ARK – This quick cross-chain token is down 29% in the last 24 hours. Its delegates (the 51 elected network representatives who earn the bulk of mining rewards) are probably feeling the drop much more keenly than anyone else.
Depending on how you look at it, the biggest losers of the day are either floundering hard or are in the middle of an impromptu flash sale.
- Ethereum price: Massive slide as market faces bearish pressure
- Ethereum 2.0: Roadmap, timeline and implications
- Bitcoin falls to US$34,000 as confidence in money markets improves with the Biden inauguration
- Bitcoin price lags while regulators raise fears and banks grapple
- Bitcoin price sees volatility around $37,000 with Pantera Capital projecting $115,000