Traders Plan for Correction as Crypto Market Falls Below $100bn

The total value of all publicly traded cryptocurrencies may be at an all-time high, but trader confidence isn’t keeping pace.

The total value of all publicly traded cryptocurrencies may be at an all-time high, but trader confidence isn't keeping pace.

After rising more than 1,500% from just over $7bn on 1st January, the market is beginning to show signs that its rapid ascent in 2017 may be slowing.

According data from CoinMarketCap, the cryptocurrency asset class fell from a high of $117bn yesterday to just under $100bn today, a period in which more than 80 of the top 100 cryptocurrencies have seen double-digit declines.

While this decline may just be a speed bump in the world of cryptocurrencies, some analysts report it is sufficient enough that they are beginning to reassess their positions in light of recent activity.

Hedging for a crash?

Indeed, several traders spoke with CoinDesk about the strategies they're currently using to hedge against a potential decline in cryptocurrency prices, with some indicating they're employing simple strategies by reducing their holdings.

For example, Charlie Shrem, a bitcoin entrepreneur and over-the-counter (OTC) trader, is in this camp. He reported he's been buying more bitcoin lately, with “less than 10%” of his portfolio in alternative assets.

Marius Rupsys, a cryptocurrency trader and co-founder of fintech startup InvoicePool, took a bolder approach, telling CoinDesk he liquidated his entire cryptocurrency portfolio and has started shorting bitcoin, actively betting its price will go down.

Full story at CoinDesk

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