Behind Bitcoin, Ethereum, and Dogecoin's Wild Ride
It's been a crazy 24 hours for some of the biggest cryptocurrencies in the world. Bitcoin (CRYPTO: BTC) peaked at $68,800 in early trading on Tuesday, only to crash to 61,400 five hours later. As I'm writing at 11 a.m. Wednesday, its price is hovering around $66,500 and seems to have stabilized.
Unsurprisingly, Ethereum (CRYPTO: ETH) followed a similar path, peaking at $3,805 in early trading Tuesday, falling to $3,360, and now trading at $3,800 again. Dogecoin (CRYPTO: DOGE) slid from $0.188 down to $0.132, but is now back up to $0.162.
The rapid drop in Bitcoin on Tuesday was driven by some profit-taking by traders, which was natural after its big run-up. CoinDesk also reported that Bitcoin miners were also seen selling some tokens to lock in profits in their business.
Source Fool.com
