Crypto Market Cap Drops $38 Billion in 1 Day Making it Biggest Dump of the Year
Forty Billion Dollars Largest Crypto Dump Of The Year
A significant Bitcoin sell-off has obliterated the cryptocurrency market. The current market is recovering from $240 in market capitalization. But all the same, the digital currency market has crashed from a $40 billion sell-off that is likely to bring the market to a low.
The recent dump was started by bears on the Bitcoin currency market which began the sudden flood of sales sometime yesterday. The results have affected other cryptocurrencies as well, namely that of Ethereum – which dropped an incredible 18% in just 24 hours making it the lowest price for Ether in roughly one year.
Other cryptos have suffered as well, mainly that of Bitcoin Cash and Monero who have dropped in prices as well as some of the other top cryptocurrencies in the world. Each of them lost at least 20% or more worth of value except XRP and Litecoin who lost around 18%.
Still, the effects hit other altcoins as well with some of them in the top twenty dropping nearly 25%. Dash, Neo, and Iota were stricken as were Tron and Nem. Every one of the top cryptocurrencies in the world suffered heavy losses over the day of trading.
Not one single cryptocurrency has made any significant gains in the last 24 hours; Dogecoin did the best with a loss of roughly 5%. The top 100 coins are still at a steady decline.
Some of them have been walloped by the Bitcoin purge that they’ve dropped over 30%, like Bitcoin Diamond. Collectively the market has crashed 15% since the sell-off started, making it the worst day for cryptocurrency in dumps. Sadly, the downturn is not over, and prices are expected to plummet more over the next 3-4days.
What do you think will happen over the next couple weeks for cryptocurrency? Tell us your answer in the comment section below.