icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Bitcoin & ether plummet as cryptocurrency market continues to cool

Bitcoin & ether plummet as cryptocurrency market continues to cool
Following June's record rally, the world's most popular digital currencies bitcoin and ethereum continued their slide on Tuesday.

Bitcoin was trading at $2,430, having given up 20 percent since hitting nearly $3,000 two weeks ago.

Rival cryptocurrency ethereum now costs $267, down over 30 percent since the mid-June record of nearly $400.

The total market capitalization of all cryptocurrencies fell to around $91 billion, a more than a 20 percent decline from the all-time high of $117.2bn on June 12.

RT

Charles Hayter, co-founder, and CEO of leveraged cryptocurrency platform CryptoCompare told Coindesk investors overhyped the market.

"A correction of sorts was in the cards," he said.

Despite the recent setback, the two biggest digital currencies are still up in value this year. Ethereum cost around $8 at the beginning of the year, while bitcoin has gained about 150 percent year to date.

"When people fixate on price movements over a single day, my recommendation is zoom out of the price chart and look at the broader trend," said Peter Van Valkenburgh, director of research at Coin Center, a Washington-based nonprofit research firm focusing on cryptocurrencies, in an interview with Bloomberg.

"Blockchain could either catch on as the rails for global finance, or not, so valuations for a digital currency like bitcoin can either go to zero or be worth much more than it is today, so these assets are bound to be very volatile as people’s calculations of what they are worth can be all over the map," he added.

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.

Podcasts