Bitcoin had a great week as it hit its highest level so far this year, climbing past $8,200, but today we are seeing a market sell-off. Bitcoin experienced losses of more than 10 % over the past 24 hours. So let’s take a closer look.
Today Bitcoin dropped to around $7,000. Last Friday Bitcoin was around $6,300 and then we saw it surge all the way past $8,200 on Tuesday. This day last year Bitcoin was over $8,330. Moving over to Ethereum, we saw it ether suffer losses of more than 11%. This we we saw the price of ether climb past $272, but today it dropped to around $230. This day last year Ether was over $700. And this week Ripple’s XRP hit its highest level so far this year, but today like many others it is also in the red.
The only cryptocurrency out of the top 20 that is in the green today is Cosmos. It experienced gains of over 10% and is in 17th place in terms of marketcap. Stellar is the biggest loser of the top 20 today with losses of more than 14%.
On May 15th, the Stellar network halted for 67 minutes due to an inability to reach consensus. During that time no ledgers were closed and no transactions were processed.
Please remember this is news, not investment advice.