RATE Group | XRP and ether drop double digits in massive cryptocurrency sell-off
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XRP and ether drop double digits in massive cryptocurrency sell-off

14 Aug XRP and ether drop double digits in massive cryptocurrency sell-off

Posted at 18:51h in Cryptocurrency News by

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Bitcoin has had a tough week but it was other, lesser-known cryptocurrencies leading the selling-spree Tuesday.

Ether, which is the second largest cryptocurrency behind bitcoin, was the biggest loser among the top five by market capitalization and fell more than 12 percent, according to data from industry site CoinMarketCap.com. Ether is down 65 percent this year and was trading near $260 Tuesday after starting the year above $760.

“The crypto market seems to have hit panic mode, with prices falling significantly across the board,” said Matthew Newton, analyst at global investment platform eToro. “As we can see in the case of Ether, investors seem to be increasing liquidations of their ICO holdings, with significant drops in price and increased volumes.”

XRP, the world’s…

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