Bitcoin’s price collapse has been sharp over the last 24 hours, but other alt-coins have fared worse.
A short time ago, bitcoin was trading at around $US10,500 after a brief rally — which saw it climb back above $US11,000 — ran out of steam.
This morning’s low beneath $US10,000 marked a fall of around 25% in less than 24 hours, and at current prices it’s still down by around 18% in that time.
But among the world’s biggest cryptos — based on the metric of market capitalisation — bitcoin has still fared better than most.
A short time ago, the website coinmarketcap.com showed a 24-hour slump of more than 34% for the NEM token — which saw its ranking fall from the 5th to 8th largest in the world.
The Ripple XRP token — which recently had a surge in value that briefly made its founder one of the richest people in the world (on paper) — is also under pressure. It’s dipped by more than 35%.
IOTA Coin is also down more than 30%, while Bitcoin Cash has lost around a quarter of its value and Bitcoin Gold is down by around one third.
Litecoin has lost around 22% over the last 24 hours, and it’s now halved in value since founder Charlie Lee announced he had sold all of his holdings.
Dash coin — who’s CEO Ryan Taylor held an in-depth interview with Business Insider last month — has fallen to around $US770 from a high above $US1,200, and is down around 17% over the last 24 hours.
Dash’s fall means it’s now dropped out of the Top 10 cryptocurrencies by market capitalisation.
Even NEO — a platform cryptocurrency that’s has been described as the Chinese version of Ethereum — is down by around 28%, although among the more established cryptocurrencies NEO has been the star performer in recent weeks.
Here’s the price action for NEO over the past month, via Investing.com.
With buyers yet to step back into the market with any certainty, participants will be closely watching developments in Asia after the latest round of selling was initiated in Asian markets yesterday afternoon.