Today is an unfortunate day for cryptocurrencies as well as for stablecoins. Almost every crypto coin along with stabelcoins has witnessed another major upsetting market crash. In terms of percentages, the crypto economy sank by 16% while the stablecoin economy reduced by 23%.
Amongst more than 11,000 plus cryptocurrencies, top losers were in fact the crypto market leaders i.e. Bitcoin and Ethereum. Bitcoin lost more than US$ 10,000 at a percentage of 30%. Thereafter, Bitcoin started to be traded at the price range of US$ 43,563. After 4 hours of interval then Bitcoin successfully earned an increase of more than US$ 4,500 which led the price to the present market value of US$ 48,361. As a result of Bitcoin’s value decline, the asset’s market capital took a serious blow as well. It has now gone below the value of US$ 1 Trillion i.e. US$ 913 Billion.
Similarly, the crash also impacted the world’s second-best digital currency namely Ethereum. Ethereum went into Saturday with the value of US$ 4,219. At around 0:30 a.m., the crash started to take its toll and quickly declined to a level of US$ 3,692 with a percentage of approximately 14%. In comparison with Bitcoin’s value decline, Ethereum showed high resistance. It also was quick in moving towards the price recovery process and regained at least US$ 500 in the process. Resultantly, Ethereum made a comeback and rebounded at the value of US$ 4,239 which was surprisingly above today’s opening price.
Once again, the value crashed and presently Ethereum is trading for the price of US$ 4,015. Ethereum is once again proving that in terms of resisting the odd realities, it is better than Bitcoin. While Bitcoin continues to struggle against the crash, Ethereum is looking more stable and during its struggle has once beaten the crash today. Similarly, its market capital is though reduced but it is still above the half value of Bitcoin’s total market cap.
Ethereum’s 24 hours low was not more than 14%. While the Bitcoin crash started off at the percentage of 30% and when Bitcoin showed resistance, it was still at the level of 25%. Similarly, if Ethereum’s past week performance is compared with that of Bitcoin, then Ethereum is again showing great results. During the past 7 days, Bitcoin lost at least 11.5% while Ethereum’s loss was not more than 2%.
Now the question is whether it is the end of the cryptocurrency rally which was in place for the past many months. It was however expected that the crash will be forthcoming because Bitcoin’s movement was not appreciated since the past week in particular. According to experts, the entire crypto-economy is in the process of rebounding. They believe that crash will be over soon and the crypto economy would once again get back onto its track.