Why Bitcoin, Ethereum, Solana, and Cardano Plunged Double Digits This Weekend

The cryptocurrency market had a rude awakening on Saturday as major cryptocurrencies fell over 20% briefly. As of 1:20 p.m. ET, every cryptocurrency with a market cap over $10 billion is down over the last 24 hours, apart from so-called stablecoins that track the U.S. dollar and other fiat currencies. 

Bitcoin (CRYPTO: BTC) was the most notable move, falling as much as 25% from trading at 7:00 p.m. ET on Friday night to a low of $42,749 near 11:00 p.m. ET on as much as $2 billion in volume per hour. The value of bitcoin has stabilized around $48,280 as I'm writing, but that's still down 12% over the last 24 hours.

Ethereum (CRYPTO: ETH) followed a similar trajectory. Hitting $3,575 late on Friday, Ethereum has now fallen 7.5% over the last 24 hours. Solana (CRYPTO: SOL) is down 7.1% over the same timeframe while Cardano (CRYPTO: ADA) dropped 11.6% lower.

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Source Fool.com