BTC Plunges to $6250; Ethereum, Ripple down by 13%

Oct 11, 2018 at 20:06 Update Date :Oct 11, 2018 at 20:06 UTC

The cryptocurrency market has showed a change in the prices of Ethereum, Bitcoin and other altcoins as well. Within few hours, around $13 billion has been removed from crypto market.  

As per CNBC, at 10:23 am Hong Kong time, all crypto coins declined the market value with a drop of between 5 to 10 percent. Studies show that the market’s volatility has lowered since December 2016. In the last few weeks, market capital has reached to the lowest, and a surprise of such sudden drop in the price.

Over the past 24 hours, Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH) have shown a drop by 12 to 13 percent. While Bitcoin dipped from $6600 to $6250. Within a 30-minute period, Bitcoin price shown a drop of 4 percent, the sharpest short-term drop in recent months.

The downfall of Bitcoin has an impact on other cryptocurrencies too. That means, the XRP, ETH, and BCH have plunnged substantially. In the recent weeks, this pattern has repeated itself and such price slide shouldn’t be a surprise. Around 50 percent downfall in the volume of Ripple as well as the lack of momentum of tokens is telling that investors are not willing to take risks. Two months – September and October was the most productive months of Ripple, that includes influencing financial institutions like Banco Santander.

The volume of XRP has fallen from value of $2 billion to $670 million and that drop in the volume led crypto to decline in value. Cryptocurrencies like WanChain, Theta Token, Nano, Tron, and Ripple dropped more than 13 percent. The volume of other cryptocurrency exchanges like Bitflyer, Bithumb, and Upbit increased with a big margin.

In the end, it is too early to say anything about the trend. Coming days and hours will tell more about the behavior of crypto market.

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