January was one of the worst performing months for cryptocurrencies in a long time. At the start of the month, bitcoin was worth almost $15,000. Today it fell below $9,000. Over the past 4 years, this was the 3rd worst performing month for bitcoin.
Keep some perspective. This 25% drop in bitcoin comes on the heels of some insane returns from the latter half of 2017. If you were fortunate enough to buy in during those times, then this January drop is only making a small dent into your profits.
And if you’re curious about that -7.44% last September, that was due to China announcing the banning of crypto exchanges. That led to similar doom and gloom as today, but as you can see, bitcoin bounced back to have record returns the following months.
Interestingly enough if you look at the past 3 January’s, you’ll notice a definite pattern. Some people speculate that it’s related to Chinese New Year being in January and traders in Asia sell of their crypto to buy gifts for the holiday.
So how did the other coins do in January?
Most of the top 10 coins also crashed, except for Lumens and Ethereum.
Of the top 50 coins in January, these were the ones that were positive and there was still some good gains, especially if you held VeChain.
Most of my profits were wiped out, but I fortunately had Eth and XLM to keep me afloat. Here’s hoping for a better February!