The day has started off with nearly every single cryptocurrency in the red, for the time being. Bitcoin, Litecoin, and Ethereum have all taken a significant hit across the exchanges over the past hour. At the same time, Bitcoin had briefly touched US$775, and Ethereum was well above the US$21.5 mark.
Although all the great cryptocurrencies took a serious hit during this flash crash, it looks like they are starting to recover already. Bitcoin tumbled from US$775-ish to US$709, whereas Ethereum dipped from US$21.514 to US$20. Neither of these is a dramatic price decrease, especially not when taking a look at how the value is starting to go up once again.
A decline in price for Bitcoin and Ethereum is not entirely unexpected at this point. Both currencies have made significant gains over the past few weeks. And traders are looking to cash out before buying back in cheaper. Moreover, individual holders who are not active traders may want to start taking some healthy profits too.
Cryptocurrency has always been the world with gains and losses at every possible turn; a sit is a free market model after all. The statistics on WCI indicate the 24-hour trading volume is holding firm, and with prices starting to show signs of recovery, it shouldn’t take too long until we are back at previous values for both ETH and BTC.
Litecoin has been doing quite well over the past few days as well, albeit very few people have paid attention to it. With the value per LTC back over US$5.4 – after peaking at just over US$6 in the past 24 hours – things are looking good for the first altcoin. Litecoin also had over US$1bn in trading volume, which is quite impressive.
Comparing that trading volume against Bitcoin’s on WCI shows BTC has done over twice as well. US$2.24bn has changed hands in the BTC market in the past day, compared to US$31.87m for Ethereum. All in all, very impressive numbers so far, and the trend is expected to continue over the next few days.
Source: WCI
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