In another dark day for the cryptocurrency market, the total market capitalization of all the cryptocurrency dropped to 276 billion dollars, the lowest level since November 26th, 2017.
The fall is even bigger if we consider the fact that the total market capitalization of the global cryptocurrency market dropped by 66%, from the total value of 830 billion dollars in January this year, according to CoinMarketCap.
If we take a closer look, the top ten cryptocurrencies when it comes to the market capitalization are reporting two-digit losses for the fourth time in the last five days. The latest drop is triggered by the decision of some large banks to ban the purchase of cryptocurrencies with their credit cards, as well as by some regulatory actions executed by regulators around the world.
Most cryptocurrencies lost around 70% of their historical maximums since the beginning of this year. In the last 48 hours, the top ten cryptocurrencies lost at least 20% of their value.
At one point, bitcoin fell below 6,000 dollars per one coin, for the first time since November last year. However, a slow recovery has started immediately and the current price is over 8,000 dollars for one bitcoin.
Most of the cryptocurrencies recovered from their daily falls, but not entirely. NEO seems to be the biggest loser among the top ten cryptocurrencies. Ripple lost 84% of its historical maximum of 3.84 dollars on January 4th.