In the last few hours we witnessed an incredible gallopade of bitcoin (and other cryptos as well). But as it usually happens, after the increase there must be a decrease – do today is the day.
From the very beginning of the day, we may observe downfalls mainly on bitcoin which drags the other coins down. The whole worth of bitcoins has fallen about 15 billion dollars because people who owned it, started to sell their coins. Today, the bitcoin’s price has went down about 500 dollars, and five other main cryptocurrencies like for instance ethereum have also decreased more than 7% each.
The whole value of all the cryptos was 175 billion dollars this morning. Most of the investors believed that there will be more growth and that the market cap will pass 180 billion dollars, breaking a new record at the same time. But it didn’t happen. On Wednesday, market has has been slowly and regularly falling down stopping at 162 billion dollars (8% decrease in 24 hours).
Taking into consideration the bitcoins price, its 470 dollars decrease in 24 hours was its biggest decrease ever. After the quick morning drop down, below 5,600 dollars, the main cryptocurrency kept falling down achieving 5,203 dollars at the time of writing. As CNN says, and as I said before, those drops are a result of the investos actions who after last week’s long increase of the price decided to massively sell their coins. Despite of the current situation, the bitcoin’s price is still above 5,000 dollars which is a safe psychological barrier for the users and gives high hopes in the long perspective.
In the chart below you may see that not only bitcoin has lost some of its value, but every other considerate crypto too.
Also ethereum’s price has decreased which after the Monday’s hard fork (about which I wrote two days ago), has lost almost 50 dollars, having the market cap of 28,6 billion dollars.
Despite the expectations of many ripple’s investors’ who hoped for a rise after the last week Toronto fintech conference, the price of this altcoin has falled about 11% with the 8,7 billion dollars market cap.
Only NEO has avoided the decrease among the top cryptos – it has even grown for abot 5% (30 dollars more for one NEO).
Thinking about the fork planned for 25th October you may expect some more drops caused by investors’ caution and distrust. But as I think we will be surpriced more than once with the increase in the upcoming weeks.