WORLD’S LEADING CRYPTOS TAKE A NOSEDIVE
If you have some cryptos in your wallet hoping to see it rise, sorry but your bubbles have just burst. Saturday night would go on record as a bad night for crypto traders around the world as Bitcoin plummeted by $400 just two hours after rising to $7600 per coin. Bitcoin, the first cryptocurrency, has become crypto traders’ favorite following its popularity and liquidity. Many traders are already counting their losses despite market pundits predicting a possible rise earlier. Today, Bitcoin is trading at $7348 per token, dominating the market at 38.3% with a market cap of $125 billion.
Other Cryptos Followed Suit
Bitcoin wasn’t the only virtual currency affected by last night’s unceremonious fall. According to ambcrypto, other cryptos had similar experiences, dropping by ~5% on average in 24 hours. Biggest losers were IOTA and BCH, which dropped by ~10% and ~7% in values respectively within the same timeframe.
Earlier Prediction
Trading in a speculative market is always, in every sense of the word, dicey. Bollinger Band chart, a trading tool used to predict the market behavior or volatility, had earlier suggested an elongated tube formation, which is more often than not predicted as a positive market movement. Judging their predictions from the indicator, many traders and analysts were optimistic going into the market last night, but little did they know that they were going in for a night’s shocker.
Which other cryptos felt the heat?
A lot more did, actually. Just like a domino effect, Ethereum was also hit, dropping to $570 after initially trading at $600 per ETH. But the crypto finally settled at a market cap of $58 billion.
While the ripple spread across the board, Ripple (XRP) was not spared. But unlike the rest of the coins, XRP bounced back almost instantly after dropping to $0.63. With a market cap of $25 billion, XRP currently sells at $.064 per token.
Previous Crash
Many crypto analysts firmly believe that the last night’s cryptocurrency slump is nothing to far worse experiences that virtual currencies have suffered in recent past. To many market observers, traders wouldn’t be flabbergasted as the industry has taught them to be resilient. Many of the crypto experts whose opinions were sought cited the experience of January 2018, when Bitcoin crashed by four times in comparison with last night’s drop. So, they argue that if the Bitcoin whales could survive the experience at the time, then last night’s slump was insignificant.
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