The cryptocurrency markets went through their usual cycle over the weekend with almost all major coins seeing double-digit gains over a few hours only for a monumental crash on Sunday that erased practically all these gains and more. Bitcoin Core (BTC) was up by well over 5% to $4,200 on Sunday morning but then crashed to the $3,800 level over a couple of hours, having dropped as low as $3,700 at one point.
Ethereum (ETH) experienced an even bigger crash over the same period. Having reached a yearly high of $167 at one point on Sunday, the crypto coin careened down by no less than 15% at one point to settle at the $138 level on high turnover. When those who had thought that the cryptocurrency markets had matured to a point that wild swings were no longer going to happen, this pump and dump is probably one of the largest experienced over the past six months.
Other coins were not spared. Bitcoin SV (BSV) was down to around $61, a 7% decrease; whilst Bitcoin Cash (BCHABC) lost practically all the gains made over the same period with a massive 17% decline to the $130 level after having climbed as high as $160 at one point. Ripple (XRP) dropped below the $0.30 level at one point, but it had not experienced and major moves in the bull run so the drop was not that pronounced. Litecoin (LTC), on the other hand experienced a massive 15% drop to the $44 level after having flirted with the $60 mark over the weekend.
Coins with smaller market caps also experienced a decline ranging from the single to double digits. Binance Coin (BNB) and Tron were the slowest losers with an 8% and 6% decline respectively, but other coins were not so lucky. In fact, NEO and EOS both saw sharp double digit drops with the former careening 13% to the $9.19 level and the latter going down by no less than 16% to the $3.58 mark. Ethereum Classic (ETC) was down by 15% to the $4.18 level, whilst Stellar was down by 13% to the $0.083 level and IOTA crashed by 13% to the $0.28 level.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.
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