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Bitcoin, Other Alt Coins See Massive Plunge in Prices

by Monica Padillo

Bitcoin, along with a few other popular cryptocurrencies, saw a massive plunge in their prices by 5 percent or more from Feb. 19.

CoinDesk reported that around 21:30 UTC, Bitcoin’s price declined by more than 4.5 percent from $10,086 to $9,610. As of press time, the price of Bitcoin is now at around $9,578.

The massive drop in value left many traders by surprise as the cryptocurrency’s price was still seen above $10,000 on Feb. 19.

Other cryptocurrencies such as Ethereum and XRP also suffered daily losses. Ethereum’s price fell from around $286 to as low as $250, while XRP’s dropped from nearly 31 cents to 27 cents.

Cointelegraph notes that in the midst of the crypto market plunge, Tezos and Chainlink are the only cryptocurrencies that outperformed Bitcoin. 

The report added that some crypto analysts suggest that the minting of $60 million worth of USDT caused the massive decline in crypto prices.