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Major Cryptocurrencies See A Fall After A Massive Sellout

Major Cryptocurrencies See A Fall After A Massive Sellout

The cryptocurrency market has seen severe fluctuations for about two weeks now. In the latest updates of the events, the cryptocurrencies on Monday saw a massive fall off that was led by Bitcoin and Ethereum due to some profit taking.

According to Coindesk, the major drop was seen in the Ether value with the down of 24% bringing the prices at $231. Bitcoin saw a down of 7% in its value bringing it down at $2,424.

The fall was not faced by Bitcoin and Ethereum alone, in fact, 38 of the top 40 digital currencies that form the list of the site Crypto Market Cap all saw a fall. The other prominent currencies to add to the list are ripple which was down by 8.6% and litecoin that was down by 14%.

The large built up in the prices of these cryptocurrencies was followed by the sellings. The prices of the bitcoin tripling from April 1 from $1079 to reaching above $3000 by the beginning of this month and Ethereum breaking records with rising more than 4000% from $8 in January to about $400 in June.

Seeing these large gains it was expected to see a pullback.