Bitcoin Sees a Massive Drop of 7%, Other Cryptos Drop as Well
Yesterday, Bitcoin (BTC) dropped considerably from $57,200 to $53,046. The cryptocurrency market as a whole dropped down to 2.28 trillion early this morning. Yesterday it was sitting at a record high of 2.3 trillion.
BITCOIN wasn’t the only loser between yesterday and this morning. ETHEREUM (ETH) fell nearly 6% yesterday, closing out today at $3,240. While Ethereum had started Tuesday doing well, it ended today on a low point, turning the trend around from Monday where it had managed a 16.32% increase.
The biggest drop for the day was from Celsius (CEL), which plummeted about 7.5%. It managed a high of $7.97 on April 9th but has had trouble getting back to that high, currently trading at $5.80.
Not all cryptocurrencies were losers through yesterday and by the start of today. Dogecoin (DOGE) continues to defy market forecasts and exceed expectations, claiming the number four spot and slipping in ahead of XRP.
Also up is Ethereum Classic (ETC), which managed to increase 45% in the last day. The stock has done particularly well over the last week, increasing by nearly 130%.
Analysts believe the cryptocurrency market is down overall due to a massive decrease in oil prices as well as extensive stock sell offs. The cryptocurrency market is still considered a very volatile market and one that can be incredibly risky for investors, seeing drastic increases and decreases within just a day or two of each other.
Recent weeks have been particularly volatile for the cryptocurrency market. The market previously seemed to move as a whole, but is now split, with various currencies moving up while others move down.
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