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Bitcoin is plunging, but carnage in broader cryptocurrency market is far worse

Bitcoin is plunging, but carnage in broader cryptocurrency market is far worse


Seeking Alpha
2021-05-19 14:51:18
Bitcoin is plunging, but carnage in broader cryptocurrency market is far worse

Ethereum (ETH-USD) at one point was down 50% for the day, and is currently lower by 33% to $2,246. Bitcoin (BTC-USD) currently is down 18.7% to $35K.Maybe the hottest of the larger alternative currencies over the past year and the fourth-ranked coin in terms of market cap, Binance Coin (BNB-USD) is down 37% to $316, and is well more than 50% off of its all-time high set just about a month ago. Weep not, though, Binance Coin remains a 20-bagger from year-ago levels.Dogecoin (DOGE-USD) is lower by 42% today to $0.276, but was selling for well less than a penny at the start of 2021.Get used to hearing about the Proof-of-Work (PoW) vs. Proof-of-Stake (PoS) debate in coming months. The Cliff's Notes: PoW (think Bitcoin) uses massive amounts of energy, while PoS does not. To Bitcoiners, massive use of energy is a feature not a bug, while PoS collapses the whole idea of decentralization.The current PoS favorite (other than Ethereum) would be Cardano

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