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.
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 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%.