Chart Courtesy: CoinMarketCap.com
Bitcoin Not Alone
Wednesday’s crypto carnage was not limited to bitcoin. As of midday Wednesday, 11 of the top 15 digital currencies by market capitalization were saddled with double-digit intraday losses.
“Other cryptocurrencies fared even worse on Wednesday. Ether fell as much as 13 percent while XRP, the third largest cryptocurrency by market capitalization, dropped 15 percent, according to CoinMarketCap.com,” reports CNBC. “The rout is likely being spurred by uncertainty around bitcoin cash, according to founder and CEO of BKCM, Brian Kelly.”
Trending: Bitcoin Volatility Probes New Lows
Momentum plays an important role in when to buy bitcoin, but what may be surprising is that buying the cryptocurrency after it has experienced big rallies can be a winning strategy. Some crypto market observers believe the long-term outlook remains encouraging for the largest digital currency. However, This has been a brutal for the broader market cryptocurrency space in terms of lost market value.
“The entire cryptocurrency market capitalization dropped by $15 billion over 24 hours Wednesday, according to CoinMarketCap.com. The total market cap $85 billion, down more than 70 percent since the start of this year,” according to CNBC.
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