Impact of the Brutal Crypto Sell-off on Market beyond Bitcoin

Over the last 24 hours, Bitcoin had collapsed quite sharply. Along with the rate fluctuations of Bitcoins, alt-coins have also gone downwards, even worse than Bitcoin.

A few days ago, Bitcoin was at 10,500 USD trading price after a brief rally that climbed above 11,000 USD. Last week’s rate of 10,000 USD marked a downhill of around 25% in less than 24 hours (currently still down at around 18%).

However, based on the metric market capitalisation, Bitcoin has still fared better than other big cryptos. The website coinmarketcap.com showed that the NEM token fell from the 5th to 8th spot when it plummeted more than 34% in just 24 hours.

Ripple XRP token, which recently had a pump in value (making the founder one of the richest people in the world), is now also under pressure when it had a dip of more than 35%.

IOTA coin also went down more than 30%, while Bitcoin Cash lost around a quarter of its value, and Bitcoin Gold around one-third.

It is the same case with Litecoin which lost around 22% in a span of 24 hours and is now half of its value since Charlie Lee, founder of Litecoin, announced that he sold all of his holdings.

Dash coin had a drastic fall from from above 1,200 USD to around 770 USD (still down at about 17% in 24 hours). This also takes Dash off the list of top 10 cryptocurrencies by market capitalisation.

NEO, a platform cryptocurrency described as the Chinese version of Ethereum, went downhill as well to around 28% (although for the past weeks, NEO has been the top performer among other cryptos).

ANS/USD – NEO Dollar (Chart)

chart

 

Buyers are yet to join the market with certainty. Participants will definitely be closely watching developments in Asia after the latest selling was done in Asian markets.

Reference: BUSINESS INSIDER

 


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