The cryptocurrency markets are a sea of purple right this moment, with all the highest 10 cryptocurrencies by market cap reporting double-digit proportion losses for the final 24 hours (at press time).

Bitcoin (BTC) has dropped 16 p.c over the identical interval to 10-week lows beneath $8,000, and is heading in the direction of its worst weekly loss (greater than 25 p.c) since April 2013.

The cryptocurrency suffered a 30-percent drop in January and is down 45 p.c on a year-to-date foundation.

Cardano (ADA) is the largest loser within the high 10, and is down 37 p.c.

Ethereum’s ether (ETH) token is down by 28 p.c. The cryptocurrency had seemed comparatively resilient earlier this week, reportedly as a consequence of institutional capital flows and Venezuela’s resolution to presale petro cryptocurrency on the ethereum platform. Nevertheless, the bull grip seems to be to have weakened and ETH was final seen buying and selling round $785, it’s lowest to this point in 2018.

In the meantime, Ripple’s XRP token ranks third on the record of losers with a 35 p.c drop. The cryptocurrency has now fallen to $0.635 – its lowest stage since Dec. 15. That follows XRP’s dangerous begin to the 12 months, with a 49 p.c fall throughout January.

As seen within the graph, IOTA, NEO, EOS and litecoin have all additionally posted losses better than 20 p.c.

General, the entire market capitalization of all cryptocurrencies taken collectively has dropped greater than $100 billion, to beneath $400 billion for the primary time in 2018.

Additional down the chart, placing a uncommon optimistic word amid the gloom and doom, a gold-backed token named DigixDAO (DGD) stands out after having posted 30 p.c beneficial properties.

Disclosure: CoinDesk is a subsidiary of Digital Forex Group, which has an possession stake in Ripple.

Falling balls picture by way of Shutterstock

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