Crypto market flash crash sees XRP regaining its second position ahead of ETH. What caused the crash?
The crypto market had a nice week hitherto – the bear squashed hard, squeezing out the profits out the most major coins and causing a quick flash crash.
Ethereum [ETH], slipped back to the third position again after sinking hard in just an hour of time. The coin was valued at $141.02, with a market cap of $14.7 billion. The 24-hour trading volume of ETH was reported to be $2.4 billion, with a huge drop of over 8.2% in the past 24 hours.
Bitcoin was enjoying an uptrend after a very long time, but has now fallen down below the $4,000-line, which was being defended strongly for the past few days.
Tron [TRX] climbed up to be the eighth-largest coin the CoinMarketCap list, has seen a great plummet of 10.66% over the past hour, at the time of press. Tron is not the only coin to face the sudden plunge. It was followed by Ethereum [ETH], which recorded a fall of 7.68% and Litecoin [LTC] too fell by 6.66% in the past hour.
At the time of press, TRX was priced at $0.0305, with a market cap of $2 billion. The 24-hour trading volume of the coin was reported to be $569 million, with a growth of 11.78% over the past day. The coin registered an overall growth of 45.92% in the past week.
Litecoin [LTC], which was swapping positions with Stellar [XLM], has been falling by 7.67% over the past 24-hours and is still in a downturn. The coin has recorded a fall of over 5% in the past hour and the overall growth has been noted to be 11.1% over the past week.
What caused this flash crash?
No major news broke out, nothing of relevance to cause a move this big. So, it is just an inherent volatility and manipulation of crypto markets at display again. Whales taking their profits and setting the stage for another round of smaller pumps and dumps.
