quora Digital currencies on August 7

Cryptocurrencies on August 7

On Tuesday price per Bitcoin surpassed $12,000. However, in several hours, the price of the number one cryptocurrency fell by more than $1,000. At the moment the Bitcoin price is $11.534.

Another cryptocurrency which is Ethereum, also was unable to strengthen its position. Ethereum is the second-largest crypto money in the world with a market capitalization of $24.3 billion. The price of the Ethereum increased to $240. However, it could not break the resistance at this point, and price lowered to $226. Right now price fell to $225.68.

Litecoin is the fifth-largest digital currency with a market value of $5.8 billion. It lost nearly 3% of its market value on a day-to-day basis when price reduced to $93 at 05:38 GMT. The price of this cryptocurrency reached $106.86 two days ago. This happened before halving while yesterday price fell to $90.98. Right now the price of Litecoin is $91.56.

Bitcoin’s analysis

There are various factors which influence the price of digital currencies. Analysts are trying to analyze the current situation the price of Bitcoin. As mentioned above the price of Bitcoin reached more than $12,000 on August 6.

Many cryptocurrency experts think that Bitcoin price increased due to the trade war. The U.S. officially labeled China as a country which manipulates with its currency.

However, Mati Greenspan, who is a senior market analyst at brokerage eToro, thinks that this was not the primary reason. He said that because of the Bitcoin’s anonymous nature, it is hard to provide specific information what caused this situation. There are other arguments as well, which support Greenspan’s opinion.

Based on the analysis of trade volume data from the website The Block. According to this data, one of the main reasons was the high bitcoin volume on Binance. This is the largest bitcoin and crypto exchange in the world.

Price of Bitcoin as well as of other cryptocurrencies decreased on Wednesday. However, Bitcoin’s price is still higher than several days ago.

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