Bitcoin’s surprise surge from $1060 to $1090 on Monday, which took place between 5:00 and 6:00 p.m. EST, caused sizable drops in many of the top alternative digital currencies.
Anonymity-oriented cryptocurrency Monero (XMR) sold-off close to 6.5%. Another privacy-focused coin, DASH, which hit an all-time high of $23.88 yesterday, dropped about 4.6%.
The second most valuable cryptocurrency in the world, Ethereum (ETH), sold-off from $12.78 down to $12.25 (-4.16%) around the same time Bitcoin was rallying to $1090. The 3rd most valuable crypto, Ripple (XRP), saw similar losses as Ethereum, dropping by 4.06%.
Factoids (FCT), tokens of the Factom blockchain-based records storage network and the 13th most valuable digital asset, also sustained heavy losses of 11.5% between 5 p.m. and 6 p.m EST.
Another decentralized file storage asset, MaidSafeCoin (Maid), which hit record market capitalization of 97.2 million on Feb. 9th, 2017, also saw declines of approximately 5.6%.
Interestingly, some of the other top alternative digital currencies did not experience the severe crashes seen on Monero, Ethereum and Factom. For instance, Litecoin (LTC) only declined by about 2%:
At press time, there are no breaking news announcement that would explain away Bitcoin’s price surge. However, two days ago, the difficulty of the Bitcoin network jumped 4.41% to a new record, which has the effect of shrinking the amount of coins going into miners’ pockets!
Wall Street bull photo by Nathaniel Zumbach
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