Yesterday, 92 of the top 100 cryptocurrencies experienced price decreases. They continued that trend on Tuesday, as 91 of the top 100 continued to fall. Ripple fell 13% to $0.253, dropping its market cap below $10 billion. Ethereum Classic has been unable to take advantage of Ethereum’s recent struggles; ETC has fallen more than $5 in the past week to $16.78. The BitShares price has fallen by a third in the past 7 days to $.225.
Most altcoins outside of the top ten have seen double-digit decreases for the second consecutive day. CloakCoin, the only top-100 altcoin to make significant gains yesterday, has fallen by 32% as investors have dumped the coins at a profit. AntShares, the 19th-ranked cryptocurrency, was the only bright spot for the cryptocurrency markets. In the past 24 hours, it saw a 25% price increase to $5.91. Nevertheless, the AntShares price has still dropped 40% in the past week.
Don’t Panic
Market corrections always spark doom and gloom predictions and analysis, but as one CCN commenter stated yesterday, “Scared money don’t make money.” The investors who lost money during the Great Recession were the ones who cashed out during the market panic, not the ones who held on to their investments and trusted in a future market recovery. In fact, those who bought into the dip made incredible short-term gains. The same has been true of bitcoin investors who have chosen to ride the dips rather than buying high and selling low. Now, as then, investors must avoid making rash, emotional decisions and proceed calmly and rationally.
