The cryptocurrency market endured another torrid day on Wednesday, when all major coins had quite steep corrections with some dropping as much as 20%. Yet again it was Ethereum Classic which led the decline when it dropped by well over 15% to trade briefly close to the $20 mark. However, this was by no means the only fall in currencies since others such as Stellar Lumens and Neo saw their values sink by well over 10%, with the latter dropping below the psychologically sensitive $100 point.
Legacy Bitcoin (BTC) endured a steep 10% drop over the day and was down to around $9,500 at one point. This was apparently caused by a phishing scam on the Binance network which caused panic selling as some users were complaining that their alt coins were sold without their authorisation. This had a correspondingly negative effect on other currencies which also saw steep drops. Ethereum had a particularly bad few hours too where it dropped very close to the $700 mark, but eventually it recovered slightly and was trading at around the $760 mark and appeared to be making a push for $800 again.
Bitcoin Cash also endured a torrid day of declines and was considerably down to around $1,050 at one point, although it recovered during the day and was trading at around $1,070 at press time, possibly close to making a push above the $1,100 mark. However signals on Thursday morning are indicating that there could be a further retracement.
Ripple was again one of the biggest losers over the past 24 hours when the price continued to tank, and at one point it was trading perilously close to the $0.80 mark—a full 30% drop from the highs of Sunday. The Coinbase delay continued to weigh heavily on XRP and there did not seem to be any sign of a recovery in the short term although long term prospects remain bullish.
Of the other coins within the top 10 for market caps, heavy declines were also experienced. Litecoin dropped to well below the $190 mark and was trading at just over $180 at press time, with the recent highs of $240 appearing very far away now. Dash also dropped heavily and was trading at just above the $500 mark—another 20% drop from its recent price levels.