Over the past few weeks, the cryptocurrency world has been a bit stable as the top 20 performing cryptocurrencies has managed to maintain their prices consistently. However, Within the past 24 hours there has been a level of unstability in the crytocurrency world as some of them have lost some percentages of their prices a little.
While some gained more and have been able to maintain the Top spot. Bitcoin the largest cryptocurrency value lost 0.14 % of its price within the past 24 hours, it went from $6,482.39 to $6,464.87.
While Ethereum lost 0.77% out of its price, going from $204.194 to $201.833. According to Bloomberg, the fall was sparked by startups that had raised funding in Ethereum through the initial coin offerings (ICOs) and they are now cashing their holdings into traditional fiat money so they can spend on development.
Matthew Newton, an analyst at eToro said in an email that “The crypto market seems to have hit panic mode, with prices falling significantly across the board.”
As we can see in the case of Ethereum, investors seem to be increasing liquidations of their ICO holdings, with significant drops in price and increased volumes.
Litecoin also lost 0.25% of it’s price going down to $52.161 from $ 53.230. Ripple is also affected as it went down to $0.443 loosing 2.50% of its worth.
Bitcoincash is not left out also as it lost 1.70% of its worth while Monero gained 1.07% to its price going from $105.92016 to $107.47579. Some other major Cryptocurrencies are suffering the same similar drops while some of them are not affected.
Some of the Cryptocurriencies affected include Ravencoin which has lost 13.70% of it’s price in the past 24 hours. Bitztoken, Odyssey and Aeron where also affected as they lost 1.71%, 4.15% and 1.93% of their prices respectively.
On the other hand, Dock and Mobilego gained 35.39% & 11.82% to their prices while Mainframe also gained 25.08% to its price within the past 24hours, making them the top 3 performers.