Cryptocurrencies Hammered Across the Board
- Bitcoin dropped sharply and suddenly, and then cryptos across the board are got hammered
Commentary: The price of cryptocurrencies dove across the board suddenly and sharply Wednesday morning with no clear reason. Having been steady at about $7,350 a coin during most of trading during both Asian and European morning hours, Bitcoin lost more than $200 in mins starting about 5:50a EDT, or 10:50a BST. It took another leg down an hour later, falling below the Psych mark at $7,000. By midday in London the largest crypto by market value was trading at $6,984 a coin, a fall of 5.1% on the day. Bitcoin was the most obvious casualty of the sudden sharp fall, but other major cryptocurrencies including ether, Ripple’s XRP, and bitcoin cash
Bitcoin is currently trading at $6,643.39 on the Investing.com Index off sharply on the day. It was the largest 1-day percentage loss since 29 March 2018.
The move South pushed Bitcoin’s market cap down to $116.33-B, or 57.38% of the total cryptocurrency market cap. At its highest, Bitcoin’s market cap was $241.15-B in December 2017
Bitcoin had traded in a range of $6,295.11 to $7,407.50 in the previous 24 hours.
Over the past 7 days, Bitcoin has seen a sharp drop in value The volume of Bitcoin traded in the 24 hours to time of writing was $5.72-B or 32.49% of the total volume of all cryptocurrencies. It has traded in a range of $6.29-K to $7.41-K in the past 7 days.
At its current price, Bitcoin is still down nearly 70% from its all-time high of $19,870.62 set on 17 December 2017.
Elsewhere in cryptocurrency trading
Ethereum was last at $228.07 on the Investing.com Index, down 25.04% on the day.
XRP was trading at $0.27828 on the Investing.com Index, a loss of 18.87%.
Ethereum’s market cap was last at $23.9-B or 11.18% of the total cryptocurrency market cap, while XRP’s market cap totaled $11.1-B or 5.27% of the total cryptocurrency market value.