Monday saw the rise in the value of various cryptocurrencies, however, the increase in value was not noticed the next day. Today, it can be noticed that there is a sudden decrease in the prices of digital currencies. This is not the first time that such a drastic change has taken place overnight, sudden decrease in the prices, as well as sudden increase, has been a common phenomenon in the past months of the year. There has been a massive loss of $15 billion in a time of twenty hours. Dousing increasing hopes of any kind of recovery from the on-going slump that it has been haunted by throughout the year.
Prominent currencies have let the investors down with Bitcoin falling by 3.3%, considering the influence of Bitcoin in the sector, it can be believed that the rest of the currencies also faced a steady decline following the decline of Bitcoin. Ethereum, which had faced an increase in value in the past, fell back by 9% in the time of twenty-four hours. Basically, it can be noticed that the value that had increased in the past slid back drastically on Tuesday. Predictably, altcoins are not doing very well either and their values have also declined drastically.
The top-notch virtual currencies are in the red section. XRP has fallen by 17% and other altcoins such as Stellar as well as Cardano are down by a startling 11%. A major consequence of this kind of decline in the sector is that the traders who are inexperienced go into a state of frenzy, thus a panic is created in the sector. There is not much that can be said that can be considered positive about the behavior of the value of virtual currencies today, for example, the value of other cryptocurrencies have also fallen, for example, the value of Tron and Monero has also declined in a considerable manner.
Siacoin which had done well yesterday lost its gains because of the manner in which market behaved today. Monacoin, a famous coin from Japan also fell in value significantly. The only positive outcome today was noticed in the “stable coins”. Aurora and Steem are the only two altcoins that have fared well today.