Bitcoin vs. Ethereum
Alain Pitton/NurPhoto via Getty Images and Dado Ruvic/Reuters
Cryptocurrencies were off to a rocky start to the week on Sunday.
Bitcoin was down as much as 13% on Sunday, while ether was down about 15%.
A crypto sell-off last week wiped more than $400 billion from the nascent market in a single day.
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Global cryptocurrencies stumbled on Sunday
following a roller coaster week in which the two main digital currencies, bitcoin and ether, plunged by more than 30% before recovering slightly.Bitcoin was down as much as 13% on Sunday. It was trading at about $33,751 at 11:25 AM ET on Sunday, down from its April record high of
nearly $65,000. On Saturday the cryptocurrency was up as much as 8% following a tweet from Tesla CEO Elon Musk that
he supports crypto over fiat currency. Ether, the coin linked to the Ethereum blockchain network, was down as much as 15% while litecoin fell about 18% on Sunday.The latest bout of volatility comes after a wild week for cryptocurrencies and a multi-day selloff that sent the price of ether and bitcoin plummeting. A sudden and sharp crypto sell-off on Wednesday erased more than $400 billion from the nascent market in a matter of just 24 hours, according to data from
CoinMarketCap. Altcoins such as
Dogecoin got caught in a similar whipsaw as prices swung 10% every few hours.
