I sat down with a cup coffee earlier on today to check my Etoro copy trading account and nearly needed a new laptop. $500 has been wiped from my copy traders with the problem seeming to worsen the further I looked into it.
At the moment out of the top 200 currencies on Coin Market Cap only 5 of them are in the green with the average being down 25%.
At the time of writing the entire Cryptocurrency market capitalisation is down $170 billion in the last 24 hours.
It’s not all doom and gloom however as this is reminiscent of the drop we saw late December and is actually not as severe. In late December $200 billion was wiped off market capitalisation which bottomed out at $554 billion we are currently sat at $558 billion having fallen from a lower height. This could be the start of a pattern so lets hope next time the traders i’m following get it right next time.
When this bottoms out it looks like it will be a good time to buy, that’s if late Decembers recovery is anything to go by. Also on the positive side is that as of January 2017 the market capitalisation was only $16 billion.
I’m going to keep faith in the traders i’m copying and keep funds to one side for the ICO at the end of the month. If you are going to invest feel free to comment below it would be good to see how your investment plays out!
If you would like to practise copy trading or trading Cryptocurrencies on Etoro, you can sign up to a practise account with dummy funds so you can get familiar with the system before investing.