The euphoria in the cryptocurrency market was quelled on Jan.11 as the majority of altcoins saw their prices decline by more than 20% as Bitcoin price sold off sharply.
After falling below the $40,000 support level on Jan. 10, selling pressure for Bitcoin (BTC) increased overnight and pushed the price of the top cryptocurrency as low as $30,229 before a soft support level was reached.
The rapid decline in price led to more than $2.7 billion worth of futures contracts being liquidated and the long candles on the Bitcoin price chart show that the cascade of liquidations occurred quickly as the price dropped from $41,000 to $32,229.
Daily cryptocurrency market performance. Source: Coin360
Dallas Mavericks owner Mark Cuban used the market downturn as no opportunity to point out that the cryptocurrency market is identical to the internet stock bubble from the 1990s.
Cuban said that “Watching the cryptos trade, it’s exaclty like the internet stock bubble,” but he added