Cryptocurrency Market Update

The cryptocurrency market has seen a significant decrease in the past two weeks. The average price of Bitcoin went down from over $6,000 to around $5,700. Ethereum went down from around $500 to around $380. Litecoin has gone down from about $150 to about $115. It is not only the prices that are going down- the total market capitalization also decreased by more than 10% in the past week alone. The total market capitalization for all cryptocurrencies is now at about $200 billion USD. It seems that there has been a lot of volatility in cryptocurrencies lately and traders have been cautious with adding money to this volatile marketplace. The cryptocurrency market underwent a massive correction in the past few months, with Bitcoin’s price dropping from $19,000 to $7,000 and Ethereum’s price dropping from $1400 to $380.

 The cryptocurrency market has been in a painful downtrend for the past few months. The prices of many cryptocurrencies have dropped by more than 50% during this period. The prices of Bitcoin and Ethereum have plummeted from $19,000 and $1400 respectively to around $7000 and $380 respectively. The OneRepublic cryptocurrency market has been in the green for the past week with bitcoin prices surging to an all-time high of $7,000. The crypto market is on a bull run. The total market cap has surged by more than $200 billion in the past two weeks. There are many factors that are driving this rally which includes the rise of institutional interest, futures exchanges opening, free money from ICOs coming into play, and new regulations being proposed.

 Many cryptocurrencies have seen an upward trend over the last few weeks which includes BCH, BTC, ETH and LTC. The recent spike in prices can be attributed to several factors such as demand for coins outstripping supply due to lack of mining capacity and investors exchanging their other coins for bitcoin in anticipation of its eventual split. The cryptocurrency market continues to be unpredictable. Even though the recent downturn was predicted by many traders, its amplitude has been unforeseen. The price of Bitcoin has dropped from $6,000 to $4,400 in just 4 days. The cryptocurrency market is volatile, which makes it attractive for traders who are willing to take risks. This is making it more accessible to many people who were previously hesitant to invest. Cryptocurrency is also changing banking by eliminating third party-intermediaries, which makes transactions faster and cheaper.