Crypto Market Correction: 93% of coins down in September

The DeFi bubble appears to be slowing down according to a report from analytical firm CoinMetrics. CoinMetrics revealed that 72% of the top 250 coins in the crypto market have declined in their value in the past week while it corresponds to 93% when extended to the monthly chart.

The DeFi market has not been spared with large corrections of between 15% to 85% in the past month.

bZx Network and Curve lead the list with 85% and 78% respectively while Swerve (-76%). Ren (-57) and Balancer (-53) complete the top five list of coins whose values have dropped during this time frame.

These recent corrections have led to several investors questioning whether the DeFi bubble is over. To put this into perspective the DeFi market is currently valued at $10 billion up from $3 billion three months ago.

Furthermore, the Ethereum price also surged during this time to a yearly high of $470 in August. This is why the recent bearish period has been troubling for investors.

Ethereum has hovered around $350 in the past two weeks and there has been less euphoria behind new DeFi projects.

Worst performing top 100 coins

Earlier we reported that September is historically the worst performing month for Bitcoin. But also other top 100 cryptocurrencies performed bad in the past 30 days:

• Aragon: -56%
• Band Protocol: -52%
• Swipe: -42%
• Chainlink: -40%
• Ravencoin: -38%
• Algorand: -37%
• Tezos: -35%

Current market trend similar to 2017 bullish run

The market is currently showing bearish levels not seen since the crypto flash crash in March. Nevertheless, this could also be a repeat of the 2017 bull market where the market experienced numerous price retracements.

Bitcoin, for example, hit below $1,200 in early 2017 which caused a massive sell-off in the market, but it later rebounded reaching an all-time high of around $20,000 later in the year.

So this latest correction could be what is needed for the crypto market to reach bullish heights before the year ends. There is an expectation within the crypto community that a bullish run is on the way and the coming weeks would be crucial for this to occur.