Majority of Alternative Cryptocurrencies Crash as Price of Bitcoin Hits $900; Ethereum Dumps 10%, Zcash Jumps by 23%



Bitcoin’s rally to $900 has been widely celebrated in the cryptocurrency community, however, many alternative digital currencies have been decimated over the last few days as a result of Bitcoin’s meteoric rise.

Majority of alternative digital assets like Ethereum, Monero, Factom, MaidSafeCoin and many others are traded against Bitcoin on exchanges like Poloniex, so any rapid appreciation in the price of Bitcoin leads to rapid sell-offs in most of these assets.

The Losers:

Ether, the digital token of the Ethereum blockchain platform and the second most valuable digital asset in the world, was hit fairly hard, dropping more than 10% over the past 24h. Ether hit a low of 0.0078 - a price not seen December 6, 2016, when ETH traded all the way down to 0.0076.



The token of the Augur prediction market, which is built on top of the Ethereum blockchain, also sustained heavy losses on Poloniex, dumping by more than 15% to a low of 0.0027 on Poloniex.

Factoids, the tokens of the Factom data storage blockchain network, have stayed more or less unchanged over the last 24h, however, the tokens have lost a considerable amount of ground against Bitcoin since Tuesday (December 20), when when the exchange rate was hoovering around 0.004. At press time, FCT is trading at 0.0028!

Privacy-oriented digital asset Dash dropped about 6%, hitting a low of 0.01.

The Winners:

The privacy-centric cryptocurrencies - Monero and Zcash - have held up fairly well over the last few days; Monero gained about 1% today; Zcash gained an impressive 23% over the past 24h, hitting a high of 0.0718.



Litecoin, the 4th largest digital currency by market capitalization, was also among the small group of alternative digital assets to appreciate along with Bitcoin, gaining close to 10% today. The token of blockchain-based social media platform Steemit has also managed to carve out a small gain today, appreciating about 5%.

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3 comments :

  1. Correction, .0078 is 780 thousand Satoshi.

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  2. Crash is probably too strong a word to use to describe the movement in alt.coins as a whole. People who are more involved in trading on the exchanges, rather than those more directly involved in a cryptocurrency project are doing most of the exchange activity. Which is of course the whole point of trading. Of course if you have confidence in a particular coin, the "crash" constitutes a buying opportunity. For myself, I have small buy orders on the GRC/BTC placed on c-cex.com in the hope of picking up a few extra coins from people caught by the Bitcoin bubble bug, and interested in riding the slope of this Bitcoin move.

    The cryptocurrency market is as much of a 0 sum game, as the fiat currency market. When one currency goes up in perceived value, something else must go down by an equal amount.



    ColdMonkey mines Gridcoins (GRC) through generating BOINC computations for science...

    ReplyDelete
  3. Cryptocurrency movement is seen by those outside the marketplace as volatility while for insiders it is seen as an opportunity.

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    ReplyDelete