If you follow cryptocurrencies for some time, it isn’t new for you that their valuation fluctuates too much. Well, this week wasn’t very different and, for unsatisfaction of some investors/speculators, cryptomarket fell down hard.
Over $6 billion was wiped off global cryptocurrency markets in a day, led by XRP and ethereum as prices of digital coins continued to fall.
The entire market capitalization or value of cryptocurrencies had plunged $6.72 billion in 24 hours as of about 11:32 a.m. HK/SIN time on Friday, according to data from Coinmarketcap.com. That came after a sharp sell-off across the board on Thursday, which erased billions of dollars of value in a matter of hours.
Friday’s drop was led by XRP, which was trading at around 39.13 cents at 11.32 a.m. HK/SIN time, marking a 7.9 percent drop from the day before. It fell as low as 37.89 cents. Ethereum also fell to around $191.07, dropping 7.4 percent from the day before.
Meanwhile, bitcoin largely stabilized at around $6,278.61, falling just under 0.8 percent on the day. Ethereum, bitcoin and XRP pared some of those losses but were still sharply lower.