ETH, XRP, LTC Prices Crash 10 Percent, LINK Among Worst Performers in Top 100. Are There Any Winners?

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Thu, 03/12/2020 - 07:36
Alex Dovbnya
The altcoin rout intensifies with Ethereum (ETH) losing 14 percent of its value and Chainlink (LINK) tanking 26 percent
Cover image via www.shutterstock.com
Contents

On March 12, the prices of Ethereum (ETH) and Litecoin (LTC) cratered by 13 percent and 11 percent respectively with XRP also experiencing close to a double-digit drop. 

Meanwhile, Chainlink (LINK) is leading the loserboard with a whopping 21 percent plunge. It is currently trading at $3.16, which is its lowest level since the beginning of February.   

image by coinstats.app

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LINK and MATIC are among the biggest losers    

The rapid decline of LINK is quite remarkable given that it's now one of the worst-performing cryptocurrencies of the top 100. It's only lagging behind Blockstack (STX) and Matic (MATIC), which are both down more than 26 percent, and several other medium-cap altcoins. 

image by coinstats.app

Of course, there is nothing shocking about such price drops. To put this into perspective, the price of Matic (MTC) flash-crashed by nearly 70 percent in no time on Dec. 10.

When the entire U.S. stock market is trading like a volatile cryptocurrency, altcoins losing more than 20 percent of their value overnight seems even more casual.       

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Looking for a safe haven 

Bitcoin (BTC), which has just dropped to a new intraday low of $7,467, is behaving like a typical risk-on asset but its six percent drop still looks relatively mild compared to some of the aforementioned altcoins.  

Meanwhile, if you are looking for a safe haven in crypto, Bitfinex's LEO token, the only major cryptocurrency that has stayed in the green, might be your best bet. The same applies to the dollar-pegged Tether stablecoin that only dipped a minuscule 0.06 percent.   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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