Bitcoin, Litecoin, Ethereum, Ripple price latest: Every major cryptocurrency crashes dramatically

Top 20 cryptocurrencies all hit record highs this week before plunging  in bloodbath for those who got in too late

Ben Chapman
Friday 22 December 2017 17:28
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What is Bitcoin and why is its price so high?

The price of all but one of the 100 largest cryptocurrencies crashed on Friday, as investors cashed out after record rises in recent weeks.

All of the top 20 cryptocurrencies hit record highs this week before plunging in a bloodbath for those who got in on cryptomania too late. All of the top 20 were dramatically in the red on Friday.

Bitcoin crashed 20 per cent on the day before regaining some of its losses to trade at $13,239.60, according to Coinmarketcap. That added to further losses on Thursday, meaning that at one point bitcoin’s price had fallen more than 40 per cent from Sunday’s record high. In excess of $20bn of bitcoin traded hands in 24 hours as many investors rushed for the exit.

Ethereum - the second most widely held cryptocurrency - also slumped 20 per cent to $625, while bitcoin cash fell by more than a quarter.

Ripple, which is seen by some cryptocurrency experts as superior to bitcoin due to its much quicker transaction processing times, was down 7 per cent at $1.01.

Tens of billions of pounds have been wiped off the value of the major cryptocurrencies in the last few days, though the “crash” has taken prices back to where they were just three weeks ago, such is the speed with which values had taken off.

The Winkelvoss twins, who recently became the first bitcoin billionaires, saw around £220m wiped off the value of their estimated $1.3bn bitcoin fortune in less than a week.

The brothers received and $11m payout they received from Facebook, after suing the company for allegedly stealing their idea and invested in 120,000 bitcoins when the price was around $10 in 2012.

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