Ripple, Stellar and several other altcoins declined sharply on Tuesday, as the crypto market correction entered its second day.
Crypto Market Tumbles
The total market capitalization for cryptocurrencies reached a low of $682 billion on Tuesday, according to data provider CoinMarketCap. That was the lowest level in almost a week, when the market was charting new record highs.
At the time of writing, the overall market cap was $708 billion. The share of altcoins was nearly 67%, with bitcoin accounting for the rest.
In just 12 months, bitcoin’s share of the market has declined from nearly 90% to just over one-third.
In percentage terms, altcoins were the biggest laggards, with Ripple, Cardano and Stellar posting double-digit declines.
Ripple’s XRP token touched a session low of $1.90, its lowest since New Year’s day. The cryptocurrency was last valued at $1.96.
The hottest crypto asset of 2017 underwent a technical correction over the weekend before news of a bitter court battle between Ripple and bank consortium R3 consumed the market. The dispute, which centers on an options contract, escalated after Ripple filed a counterclaim accusing its blockchain rival of acting in bad faith. Last October, Ripple announced it had won a critical court case over who can keep millions of XRP tokens. Those tokens are now worth at least $12 billion.
Last week, XRP pushed north of $3.00 before running into a major technical hurdle. Now, the market finds itself moving back toward support levels near $1.80.
A coin by the name of Cardano made headlines last month after it spring boarded into the top-ten list of cryptocurrencies. The ADA token was down more than 13% against the dollar to trade at 78 cents. Prices peaked at $1.32 on Jan. 4.
Cardano failed to generate any momentum after it announced the ADA token will be listed on the futures exchange Bitmex. The cryptocurrency, which is based on the Ouroboros proof-of-stake algorithm, is now supported by six exchanges.
Distributed hybrid blockchain Stellar Lumens suffered a fresh selloff Tuesday, and now trades more than 40% below all-time highs. The XLM token was down more than 12% at 56 cents U.S., for a market cap of nearly $10 billion.
Stellar is slowly emerging as a viable platform for initial coin offerings (ICOs), with Mobius Network recently launching its token on the smart contract system. The software data provider raised $35 million in its pre-sale, with 32,000 investors participating. The full ICO will launch Jan. 18.