After weeks of remarkable rally, Bitcoin posts first losses. As Bitcoin prices drop, Ethereum follows the downtrend. However, Ripple continues to rise!
15 June, AtoZForex – The most popular digital currency of top cryptocurrencies, Bitcoin, has given away some steam from its recent crazy rally. Just this weekend, Bitcoin price above $3,000 has had the markets shook.
Reason for cryptocurrencies rally
More specifically, the Bitcoin price reached $3,012.05 on Sunday, 11th June. One of the key Bitcoin price drivers is the rising demand from Asia, especially from Japan and China. Moreover, even the conservative Nordic countries are now entering into Bitcoin investment.
Some industry experts agree the Bitcoin might be an unstable asset and few crashes are possible. Despite this fact, Long term Bitcoin price forecast implies that this digital currency is here to stay.
Bitcoin prices drop while Ripple surges
However, the latest performance by the king of cryptocurrencies is not that promising. The Bitcoin has slid 5.5% across global exchanges. The falling Bitcoin has hit the low of $2,547.18 on Wednesday. This figure marks a 15% drop from the all-time high of above $3,000 of 11th June.
Moreover, this fall accounts to the lowest total observed on the Bitcoin Price Index since the 4th June. That time, the average of Bitcoin prices across global exchanges dropped to $2494.29.
In addition, other cryptocurrencies were not performing at their best. The price of one Ether, the crypto coin of Ethereum, has dropped by almost 10%, reaching a low of $361. In fact, the Ethereum digital currency has also been rallying recently. The currency has reached the new record high this weekend. We discussed four key reasons for Ethereum price rise, as the digital currency surged above $400 for the first time ever this past weekend.
Meanwhile, according to the data from Coinmarketcap, the market capitalization of almost all top 20 cryptocurrencies has declined for an average of 7%.
However, one of the digital currency representatives has fought against this downtrend. The Ripple’s XRP token, the third largest cryptocurrency after Bitcoin and Ethereum by market capitalization, has surged 10% on Wednesday.
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