Sea of Red: Top 10 Cryptocurrencies See Steep Declines as Market Turns

Jun 15, 2017 at 14:30 UTC. Just hours after traders reported a shift in strategy, the global cryptocurrency markets appear to be correcting - and fast.

Lesser-known assets including I/O Coin, E-Currency Coin and Vericoin saw over 30% declines.

It wasn't just tokens on so-called infrastructure blockchains, running on their own unique networks, that were affected either.

Digital tokens sold as part of initial coin offerings and running on top of the ethereum blockchain saw big declines, with the tokens powering decentralized prediction market Gnosis and web browser Brave dropping by over 20% at press time.

Both debuted to market enthusiasm, raising $12.5m and $35m in token sales in recent months.

All in all, the development comes hours after traders reported preparing for a correction as the market's recent upward momentum slowed, and weeks after many had begun sounding the alarm that the market had become wildly divorced from fundamentals.

Speculation is high that this correction might only be the beginning of more declines.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Brave.