Cryptocurrencies Crash After Hitting All-Time Highs Before the Weekend

It has been a rough couple of days for the crypto streets as Bitcoin (BTC) experienced a flash crash over the weekend, nosediving nearly 15 percent in less than 50 minutes on Saturday, just days after reaching the All-time high of $64,870.

Other sought-after cryptocurrencies, including Ethereum (ETH) and Dogecoin also fell in a thrilling way, before hitting recovery and recouping some of their losses.


ALSO READ

Google’s Project Zero Will Now Disclose Security Flaws Slower


In the meantime, Bitcoin has subsequently pared some of the losses of the weekend and was trading above $56,000 at the time of writing.

Ethereum, the second-largest cryptocurrency, also dropped below its bellyaching $2,000 mark over the weekend, before hitting recovery. Other currencies, including the Binance Coin, XRP and Cardano, also got buffeted by the volatility.

Meanwhile, the joke-turned-digital-asset, Dogecoin, is enjoying a nice surge since mid-April, all but thanks to another Elon Musk tweet.

Dogecoin, which has limited use and no fundamentals, rallied last week to be worth as much as $50 billion, before hitting a landfill on Saturday. Despite the hit, the fan-favorite digital currency climbed back into recovery, surging 20 percent in the past 24 hours.


ALSO READ

Cryptocurrency Market is Now Worth $2 Trillion


According to the math, the weekend carnage came after cryptocurrencies surged past $2.25 trillion, due to a ridiculous demand for digital assets at the beginning of last week.

“The crypto world is waking up with a bit of a sore head today,” said Antoni Trenchev, co-founder of crypto lender Nexo. “Dogecoin’s 100% Friday rally was ‘peak party,’ after the Bitcoin record and Coinbase listing earlier in the week. Euphoria was in the air. And usually, in the crypto world, there’s a price to pay when that happens”.



close
>