A case of crypto traders locking in holiday gains?

Whatever the reason, the price of bitcoin spent much of Saturday in decline, as the world’s largest cryptocurrency saw a nine percent drop over the 24-hour span. Sunday’s session has so far seen that drop intensify, with the price down nearly 12 percent as of 4:00 UTC.

Just hours away from a launch on a major futures exchange, bitcoin is now down nearly 25 percent from an all-time high of $17,117 set earlier this week, with the price hitting a low of $13,152 today, data from the CoinDesk Bitcoin Price Index reveals.

That said, bitcoin wasn’t the only cryptocurrency affected. According to data from CoinMarketCap, all but one of the top 50 assets by market capitalization have seen 24-hour declines.

At time of publication, the total value of all publicly traded cryptocurrencies was down 8 percent from its recent highs, falling from a high near $400 billion to $367 billion.

Still, that’s not to say there hasn’t been periods of upward movements. A look at the market’s most recent session (18:00 to 24:00 UTC) indicates litecoin, bitcoin and IOTA all gained more than 5 percent in the 6-hour span (despite being down on the day).

Data further suggests declines may have been limited to a poor afternoon session on Saturday (12:00 to 18:00 UTC), as data from CoinMarketCap shows that the five best performing cryptocurrencies during the period all saw declines.

Seismograph image via Shutterstock

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This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.