Thursday, Oct. 11: markets have taken a steep downturn, even as onlookers had lately been pointing to a period of stable price action in the crypto sphere. Virtually all of the top 100 cryptocurrencies are in the red, with several top-market altcoins losing double-digits in percentage value.
Market visualization by Coin360
Bitcoin (BTC) has shed 4 percent in value on the day, and is trading at $6,309 as of press time. Ater a strong week trading sideways to consolidate a higher price point – trading as high as almost $6,670 Oct. 8 – the top coin took a plummet earlier today, dropping over $300 in a few hours.
On its weekly chart, Bitcoin is now just over three and a half percent in the red, although it is practically breaking even on the month, remaining 0.3 percent in the green.
Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index
Ethereum (ETH) has fared even worse, and is down around 10 percent on the day to trade at $202 at press time. Its weekly chart shows a similarly strong consistent performance, with the altcoin circling $230 levels in recent days, ahead of today’s sudden plunge.
On the week, Ethereum is now a stark 8.3 percent in the red; monthly growth remains close to 9.5 percent.
Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index
Ripple (XRP) is down over 12 percent on the day and is trading at $0.41. The asset had seen outstanding growth in September, growing so rapidly it briefly knocked Ethereum off its long-standing second spot ranking on CoinMarketCap’s listings.
However, compounding a shaky start to October, Ripple’s plummet today has brought the asset to an almost 22 percent loss on its weekly chart: on the month, it nonetheless remains up by over 57 percent.
Ripple 7-day price chart. Source: Cointelegraph Ripple Price Index
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