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In a previous article, I said the following: 

"Hugely disproportionate moves in the Bitcoin price relative to others may be coming to an end. For traders, that can mean bigger gains and bigger losses in non-Bitcoin crypto, depending on market direction." 

Since the article was written, Bitcoin (BTC-USD), Ethereum (ETH-USD), and Ripple (XRP-USD) have continued to follow the path downward and appear headed (possibly) back to their low price points set earlier this year in April.

Bitcoin touched $100k earlier today, down more than 20% from its all-time peak of $126k. The $100k mark is worth watching. The high this past January (2025) was  $105k. Bitcoin is below that now, yet still considerably above its low of $76k set in April. Strictly speaking, Bitcoin's price action isn't particularly negative, although it remains volatile. The volatility, however, is consistent with Bitcoin's price history.

Ethereum's decline exceeds that of Bitcoin by a substantial margin. At $3272, Ethereum is down 34% from its all-time high of $4953 in August. In market action today, Ethereum is down 9%.

Ripple, currently at $2.21, is down 40% from its peak price of $3.65. A Presidential endorsement, strongly favorable publicity, and positive comments from the financial and banking elite have not insulated Ripple from the volatility in cryptocurrencies generally.

Price volatility in cryptocurrencies is increasing. Bitcoin dropped 28% between January and April, gained 63% from April to August, and is now down 20% since August. Ethereum lost 62%, gained 250%, and has lost 34% since its summer peak. Ripple declined 45%, gained 103%, and is now down 40% from its all-time peak. 

The volatility will likely continue to increase. Also, it is reasonable to expect the volatility to be disproportionate. Ethereum and Ripple will experience larger percentage gains and losses relative to Bitcoin. 

The current downdraft in cryptocurrency prices might be part of a bigger asset price deflation. The U.S. dollar (DXY) has broken through 100 on the upside, and a much larger move could be in the offing. 

If that is the case, you can expect other assets (not just cryptocurrencies) to decline in price measurably. 

(UPDATE: Just as I finish writing this article, I see that the crypto decline is accelerating. Ripple (XRP) is down more than 7% for the day, and Ethereum (ETH) is down 11%.)

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