Top 10 Cryptocurrencies on CoinMarketCap are falling this afternoon at an astonishing rate. With the exception of Almighty Bitcoin which has increased 6.7 percent, all the elite digital currencies are in the red.
At the time of writing this report, Ethereum Classic tops the list with a whopping 14.06 percent, followed by NEM with an incredible -13.48 percent.
Dash and Ripple who are at one of their best performing times are not being spared either. The two were diminishing at 9.34 and 7.09 percent respectively. Angur is also bleeding profusely with a 9.14 stumble.
Ethereum whose market price rose to an admirable $80 a couple of days, is now down to a miserable 5.42 percentage points, and Its price is now at $76.23.
In fact, Litecoin continues to be bullish even though it has depreciated by -3.68 percent. Golem is still at number ten with a 4.66 percent downward adjustment.
Altcoin bubble
Rarely even below 10 to 20, the pattern is the same. Only SingularDTV is still standing tall with 2.83 percent appreciation. Its surge is not even encouraging since a couple of hours ago it was up 28 percent.
The trend looks worrying and brings to mind predictions of experts like Vinny Lingham that there is an altcoin bubble and it will burst soon a few months ago. Most of that prediction were based on the fact that many people were dumping their Bitcoin for altcoin because of the former's falling price. Is that prognostication here? And is there any reason for the bearish situation developing out there on the Crypto Markets?
Anyway, Bitcoin price is flying regardless of all the ongoing debilitating scaling debate, and probably, traders are selling their altcoin for Bitcoin. However, there are still some explanations to be done by the price experts. If indeed the recent growth of altcoin was carbonation, and it is now bursting, only time will tell.