Altcoins followed Bitcoin’s [BTC] lead and pumped higher. However, since Bitcoin slumped by ~2% in an hour, several altcoins have dropped by more than 6% over the hour.
Bitcoin Cash [BCH]
The fourth largest cryptocurrency in the world by market cap underwent an upgrade on May 15, 2019, to implement Schnorr Signatures. However, the upgrade was faced with an obstacle after many people in the community claimed that a hacker exploited a bug after waiting patiently for months.
As a result, the price of Bitcoin Cash [BCH] fell by 8.37% in an hour. The price went from $443 to $412, and the market cap fell to $7.4 billion.
Ethereum, the second largest cryptocurrency, fell by approximately the same amount as Bitcoin Cash, i..e, 8.21% in an hour. However, at press time, the price seemed to be recuperating as the candle was green.
Ethereum’s market cap also faced an instant setback as it collapsed from $28 billion to $27 billion. The coin looked good over the longer time frame, as the price went up by 49% over 7 days.
The silver to Bitcoin’s gold, Litecoin, faced a drop more brutal than the aforementioned coins, collapsing by 9.26% in an hour. The price of Litecoin reached $100 point after almost a year, but the coin was facing massive rejection at this level, something that can be attributed to Bitcoin’s slump.
Litecoin’s price, at press time, was hovering over $100 with a market cap of $6.18 billion. The fifth largest cryptocurrency in the world hovered just below Bitcoin Cash [BCH].
EOS suffered the same fate as the rest of the altcoins, dropping by 6.88% in an hour. The price of EOS, at press time, was $6.64 and it had a market cap of $6.03 billion, just below Litecoin.
Over a larger time frame, the altcoin performed better than its counterparts as the price was up by 34% in 7 days. The above fall in altcoins after Bitcoin’s drop by 2% shows the correlation that exists between Bitcoin and other altcoins.
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