Bitcoin, Ethereum Plunge In Dramatic Pullback From All-Time Highs

|
Includes: BTC-USD, COIN, GBTC
by: Investing.com

The world's two biggest digital currencies by market cap, Bitcoin and Ethereum, both sold off sharply over the weekend as traders locked in gains from a recent rally which took prices to all-time highs.

On the U.S.-based Bitfinex exchange, Bitcoin dropped to $4,380.90 by 11:05 AM ET (1505 GMT) on Sunday, down $346.30, or around 7.3%. It was the biggest sell-off since mid-July. The digital currency rallied to an all-time high of $4,911.80 earlier on Saturday.

Over the past year, Bitcoin has surged more than 400%, easily outperforming U.S. stock benchmarks such as the S&P 500 and Nasdaq.

Meanwhile, Ethereum, Bitcoin's closest rival in terms of market cap, sank 14%, or $54.30, to $333.06. It briefly rose to a record peak of $394.78 on Saturday.

Other prominent cryptocurrencies, such as Litecoin, Ripple and Dash, also traded sharply lower.

The total value of all publicly traded cryptocurrencies was $158 billion, a figure that was down more than 12% from a high of nearly $180 billion reached on Saturday night.

Original Post