Nine out of top 10 cryptocurrencies nosedived on Wednesday following it to on Thursday losing as much as 15% from the level 24-hours-ago. Bitcoin dropped below $6,500 in the period, a cue followed by other major coins.
The most valued cryptocurrency in the world broke the $7,000 barrier Monday for the first time in last seven days and went on a roller coaster ride for next two days. The coin broke the barrier on Tuesday at 0100 UTC and never looked back.
At press time, bitcoin was exchanging hands at $6,384. The market cap of the cryptocurrency has also dropped to $109 billion, according to CoinMarketCap.
After a long gap, bitcoin had touched $8,000 last month. However, all hopes of its meteoric rise like last year were dashed as it tumbled in the subsequent fortnight.
On Wednesday, other coins such as ethereum (-10%), XRP (-14%), bitcoin cash (-13%) and EOS (-15%) were also trading in red at the time of reporting. Barring XRP, all of them continued their slide on Thursday at press time.
XRP and Litecoin have touched their year low in the process. Litecoin was trading at $64, much below its year high of $235, according to CoinMarketCap.
Similarly, XRP was exchanging hands at $0.35, one-tenth of its year high achieved in January.