Cryptos lose ground as bitcoin drops 23%, ether 29% in past 24 hours – TechCrunch

After rallying at record prices, regaining public attention and becoming the topic of the day again, cryptocurrencies are losing ground today.

Bitcoin, the most well-known cryptocurrency, peaked at over $ 41,000 a coin on January 8. Today, after losing just over 23% in the past 24 hours, a bitcoin is now worth around $ 31,800.

Likewise, Ether, the token associated with the Ethereum blockchain, peaked at just over $ 1,300 on January 10. Today, after losing another 29% in the past 24 hours, Ether Tokens are worth around $ 960 apiece.

Coins remain well above recent prices, with bitcoin hitting new all-time highs this month and ether nearing all-time highs from early 2018. CoinMarketCap, a cryptocurrency market tracking data platform that has been bought by the Binance exchange in 2020, reports that the value of all cryptocurrencies fell just over 22% in the past day to $ 832.4 billion.

Whether recent declines or the fact that cryptos are worth more than $ 1 trillion in total very recently is more significant news, it will depend on your perspective on the asset class.

However, for startups focused on the digital token market, the start of the year has been promising. Coinbase, an American cryptocurrency exchange, filed to be made public at the end of 2020. The recent rally in the price of bitcoin, for example, has led to record trading volumes for the coin. This could translate into lucrative income for Coinbase and its rivals.

If so, the venture capital market could heat up for companies in the space, opening portfolios to crypto projects that may have been shut down since 2017.

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