Cryptocurrency Market Bloodbath: Bitcoin, Ethereum, Ripple and others plunged by about $710 billion
The cryptocurrency market experienced a major correction with the top 20 cryptocurrencies by market capitalization dropped in value by as much as 10 percent today. Based on the latest data from CoinMarketCap.com, major cryptocurrencies like Bitcoin, Ethereum and Ripple fell by at least 13% – and in excess of 25% in the case of XRP – since the start of the day. At one point, within the 24-hour period, the overall market capitalization for all tokens had lost nearly $200 billion, falling from $710 billion to $536 billion at its lowest.
With the exception of NEO and Monero, all of the top 20 cryptocurrencies have fallen in value. Cryptocurrencies that have recorded a decline of over 10 percent include Ripple, Cardano, Bitcoin Cash, Stellar, EOS, Dash, Tron, Bitcoin Gold, and Ethereum Classic. The drop shows the volatility and vulnerability nature of cryptocurrency, with bitcoin, the world’s largest cryptocurrency by market cap, having fallen by 4 percent in 24 hours, bottoming out at $11,182 before recovering slightly.The chart below shows the drop in major cryptocurrencies earlier today.