The cryptocurrency markets experienced a massive crash on Wednesday afternoon with the rout continuing well into the night and on Thursday morning. BTC plummeted by over 10% to the $5,700 level—a new low for 2018 as a huge selloff drove the largest currency by market cap into freefall.
Ethereum also experienced a similar savage drop, which was even more pronounced after the currency fell to below the $180 level on very high turnover. It eventually recovered slightly to the $183 level at press time on Thursday. Bitcoin BCH also dropped heavily by as much as 15% to settle at the $460 level pre-protocol upgrade, although there could be further instability in the run up to the much anticipated event. Ripple was also down heavily by as much as 10% to the $0.47 mark as the sell off affected practically all major currencies.
EOS and Stellar also saw considerable drops of 12 and 9% respectively, with the former’s price settling at around the $4.66 level, whilst the latter gave up all the gains of the past week to trade at the $0.24 mark. Litecoin slumped by as much as 13% to the $44 mark—a level not seen since it first started to rise over a year ago. NEO continued to crash and reached a yearly low of $13, which was almost 90% off its all time high of $190 reached in January.
Other currencies with smaller market caps also saw massive drops with Ethereum Classic falling a massive 17% to the $7.85 level, a price not seen for over two years. Cardano was also down by a similarly huge 15% to the $0.063 mark, whilst IOTA also lost heavily and was down by 16% to the $0.43 mark, also a record low this year. Currencies such as ICX, QTUM, VET and NULS lost similarly badly with drops ranging from 12 to 16%, whilst BNB suffered a less drastic 10% drop to the $8.42 level.
The Genesis protocol upgrade on February 4, 2020 is a monumental step in the history of Bitcoin, and will see BSV returned as close as possible to the original protocol as envisioned by Satoshi Nakamoto. Visit the Genesis Hard Fork page to learn more.
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