Crypto Prices Resume Free Fall After Brief Recovery

May 16, 2018 at 22:31

Cryptocurrencies continued to tumble on Wednesday after a brief recovery on Monday from last week’s down turn.

It is a bloody day for the crypto market on Wednesday as majority of the cryptocurrencies are trading in the negative territory.

Out of the 100 cryptocurrencies monitored by CoinMarketCap, only seven tokens were trading in the green.

The crypto market’s capitalization dropped by at least $20 billion to $376 billon over the past 24 hours.

The legacy Bitcoin (BTC) dropped from a high of $8,836.19 then dived to around $8,500 before midnight. And as of this writing, the leading cryptocurrency is trading at $8,836.19.

Ethereum (ETH) dropped 5.7 percent to $690.15 while Ripple (XRP) slipped 8.1 percent to $0.683311.

According to analysts, Monday’s brief recovery was supported by the Coindesk Consensus Conference, a three-day event in New York starting that day.

The annual blockchain technology summit—which has been running for four years now—has been providing cryptocurrencies, Bitcoin in particular, a boost.

However, the said event was not enough to fuel recovery and escape volatility in the crypto market.