It was another wild ride for Bitcoin overnight, as prices briefly climbed above $US11,000 before falling by around 15%.
And the Bitcoin selloff has extended to the broader cryptocurrency market. Over the past 24 hours, most of the world’s biggest cryptocurrencies have all fallen sharply into the red.
The only cryptocurrency in the top 10 by market capitalisation that’s posted a gain is Dash coin. Here’s the latest moves, via the website coinmarketcap.com.
The Dash blockchain operates with an incentive system for nodes to help the network run smoothly.
The value of each new block on the blockchain is attributed equally — 45% to miners and 45% to the master node. The remaining 10% goes into a joint pool of funds held by the network.
Dash has more than doubled over the past month after trading in the $US300 range since the middle of the year.
Aside from the biggest cryptos, the selloff has continued across the whole investment class. A short time ago this morning, the figures on coinmarketcap.com showed that 95 of the top 100 cryptocurrencies by market capitalisation were in the red.
The reasons for the broader selloff are anyone’s guess, and it could reverse just as quickly. Although one could speculate the market is seeing the latest round of profit taking following the sharp gains in previous days.