Thursday was already a bad day for Bitcoin, Ethereum, and pretty much every cryptocurrency not named Tron. Now, it’s gotten worse.
The prices of the two largest cryptocurrency assets, Bitcoin and Ethereum, have fallen 9.5% and 12%, respectively over the last 24 hours, according to data from CoinMarketCap.
The price of Bitcoin currently stands just above $10,300, down from its September 1 peak of $12,026. That’s a 14% drop in two days. For its part, Ether is below $390 after hitting $485 two days ago, a 20% drop.
That’s notably worse than even mere hours ago, when the price of the two assets stood at around $10,600 and $400.
The selloff, in other words, has continued throughout the day, though it has slowed somewhat.
Traditionally, as goes Bitcoin, so goes the rest of the cryptocurrency market. That’s increasingly true of Ethereum as well, which is the gateway blockchain for multiple DeFi tokens. Decentralized finance is currently a booming cottage industry with a total market cap in the billions.
Chainlink, UMA, Aave, SushiSwap…all down in price, from 17% to 35% in the last day. Even the yearn.finance token, which had managed to resist downward pressure earlier in the day, is now down 3% in the last 24 hours. Still, holders of rival tokens would gladly take such limited losses.
One major cryptocurrency has thus far proven immune to the price drop: TRON, an Ethereum alternative currently ranked 12th among all cryptocurrencies in market cap.
After leaping above the $0.04 mark for the first time since June 2018, it’s dropped back under that threshold but is still up 8% in the last 24 hours.