Heavy blood in the Cryptocurrencies Markets today as Bitcoin plunges over 30% for the week, taking most of the Altcoins with it.
The weekly chart correlation between BTC and the rest of the Altcoins depicts what is really happening here: FUD, nothing but FUD (Fear, Uncertainty and Doubt) and perhaps some profit taking might have started it all.
Surprisingly, Bitcoin’s effect on Ripple (XRP) is less noticeable (blue line in the image above), as the altcoin stayed green for the first half of the downturn. XRP is down only 5.35% for the day as of this writing.
The CME also suspended trading on its Bitcoin contracts due to this volatility, after it saw a drop in prices of over 2000.
Nevertheless, every big dip in Bitcoin has met its support, and every rally thereafter has added newer highs. Though BTC is now down 24% for the week, it’s still up 65% for the month and 1,445% for the year.
Here’s a quick view at other Cryptocurrencies’ losses earlier this morning (as of 11:01 AM EST).
Price table courtesy of CoinMarketCap.com
Here’s what I’m doing: HODLing and BUYING the dip!