On October 29, the cryptocurrency market saw complete red when nine out of the top ten cryptocurrencies saw its prices fall at an unprecedented rate. The technical analysis given by several analysts had predicted a sideways movement with sporadic bearish drops, but it looks like the bear had other plans by bringing down prices even more than expected.
Popular cryptocurrencies, including Bitcoin [BTC], Ethereum [ETH] and XRP, were all on the bearish slide with the brakes seemingly off.
At the time of writing, Bitcoin [BTC], a cryptocurrency whose bottom was predicted by several analysts, seems to have different plans by falling to $6,392.08. The Vitalik Buterin co-founded Ethereum [ETH] reflected the exact same behavior of Bitcoin, by acting as a co-passenger on the bearish slide.
The second-largest cryptocurrency’s fall comes in the wake of news that revealed that Ethereum will be supported by the Hyperledger Fabric. XRP, which has been playing catch-up with Ethereum in terms of market cap, has fallen by a massive 3.95%. The bearish crash has increased the disparity between XRP and Ethereum to $2.9 billion.
The Brock Pierce co-founded EOS, which has been quiet on the developmental front, has certainly not been exempted from the bear attack, bringing the price of the coin from $5.42 to $5.15.
The biggest loser in the top ten cryptocurrency club was the Charlie Lee founded Litecoin [LTC], which fell by an astounding 5.95%.
Litecoin’s fall comes on the back of several analysis pointing out that LTC had broken its price support multiple times over the past few months. At the time of writing, Litecoin was trading for $48.82 with a market cap of $2.88 billion.
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