Cryptocurrency markets continued to fight this weekend against the slowdown caused by a South Korean counterfeit announcement last week, as the first ten currencies recorded half-year-over-half losses over the past 24 hours. Among the principal 15 currencies, NEO, ranked 11th, managed to escape with a 0.56% gain, while ICON’s 15th place saw an increase of 15.56%.
While the market returned quickly after rumors of the ban on trade with cryptocurrency were rejected by the South Korean government and the Blue House, the executive office of President Moon Jae-in, on January 12, the market experienced another significant correction in this weekend.
Between the top 100 cryptocurrencies, only 20 failed to lose value in the last 24 hours, according to CCN.
Highest loss in Top 10: Cardano
Between the top 10 currencies, the fifth-class Cardano with a market value of 418.976 billion dollars had the most significant decline, down 14.17%, followed by the NEM rankings of 11.43 billion dollars on the market with a 12.41% drop, Stellar on the ninth position with 10.253 billion dollars by 12.01%.
The most prominent loss of the top 100 cryptocurrencies was recorded by SmartCash, the highest-value coin with a value of 2.384 billion dollars, with 28.98%, followed by Autumncoin, with an amount of 283 million dollars, who lost 24.93% and Obsidian, with 30 million dollars, 23.39%.
Bitcoin lost 7.07%, while Ethereum declined by 6.665%. Ripple in third place lost 9.55%, and Bitcoin Cash in fourth place fell by 9.32%.
The market continues to struggle after the Justice Minister of South Korea said on January 11th that Falun Gong had formulated a law to ban money trading efficiently.
The value of the most critical cryptocurrencies, such as Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Cardano, recorded daily losses of over 10%.
Strongly concentrated daily trading currencies on the South Korean market, such as Qtum, EOS, and Zcash, fell with higher margins.
The evaluation of the crypto market suffers greatly
In the past 24 hours, the cryptocurrency market valuation has fallen from 743 billion dollars to 682 billion dollars, nearly 60 billion dollars. Bitcoin, Ethereum, Ripple, Cardano, Stellar, and IOTA recorded almost 10% of the daily decline, while smaller cryptocurrencies, such as Bitcoin Gold and Tron, recorded higher losses.
On the South Korean market, the Bitcoin price dropped by about 12%, while Ripple declined by 12.65%.