As we hang out with family and friends this holiday season, it’s interesting to look back on the Bitcoin mania that we endured one Thanksgiving ago. Aunts and uncles asking about internet money as you passed the mashed potatoes while trying to explain the concept of decentralization in a way that made it seem like you knew your stuff.
Well, as we near a year since many of the top tokens hit their all-time highs, we’ve seen the prices come crashing down as more manageable expectations of the crypto market have seemed to prevail. You probably didn’t have quite as many relatives picking your brain this year for crypto investment tips.
Today, we saw another hit to the market. All but eight of the top 100 cryptocurrency tokens are down for the 24-hour period, with most losses averaging around 13 or 14 percent.
Notably, Bitcoin has now fallen beneath the $4,000 threshold, a number it reached in August of last year as its trajectory pointed sharply upward. Ethereum is trading just over $111, while Litecoin has fallen below $30 — far cries from their former glory.
The cryptocurrency space is a volatile one, but the year-long downward trend has been consistent and unrelenting, leaving many to wonder where and when some of these top tokens will settle down.