Altcoins Tank 10%, Bitcoin 4% in Surprise Rout Amid Stable Period

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Altcoins Tank 10%, Bitcoin 4% in Surprise Rout Amid Stable Period

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Cryptocurrency prices have taken a tumble today in what appears to be sudden rout highlighted by an afternoon selloff across the board, surprising traders getting used to weeks of relative stability in prices.

As of 5.20 pm GMT on 14 November, Ripple posted the biggest daily loss in the Top 10, shedding 15% of its value to around USD 453.88. Bitcoin itself seemed to have weathered the storm better than others, losing just over 6% and breaching the USD 6,000 for the first time since June 2018.

Ethereum, Bitcoin Cash, Stellar, EOS, Litecoin and Cardano fared little better as the other Top 8 ranked, posting 11% – 14% losses.

There does not appear to be any primary cause for the sell-off, although some are wondering if the October shocks in traditional stock markets have prompted traders to liquidate cryptocurrency in preparation for what Bank of America warned yesterday was a “Big Low” coming for the stock markets.

 

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