The crypto market seems to be rough and though on traders and expert. The losses have been even more dramatic in some of the smaller coins. Ethereum has lost almost 40 per cent, and Bnb, dogecoin is down by a third.
The market had fallen by almost a third over the course of Wednesday, wiping vast amounts of money from its valuation.
In the space of five minutes, the price of bitcoin lost more than 6 per cent and appeared to be continuing to fall. Other large cryptocurrencies, such as Ethereum, Bnb, Dogecoin, Litecoin were hit by similarly sudden and significant drops.
Smart binance chain chart
Dogecoin chart
Dogecoin dropped 30 per cent, and Cardano fell more than 25 per cent.
In fact, almost all of those altcoins suffered far more than bitcoin itself. Most were down more than a third, with smaller coins being hit harder.
Experts and market analysts appear divided over whether this crash is similar in magnitude to the one seen in 2018 and heralds the start of a new “crypto winter”, or simply a price correction on the way to new all-time highs later this year.