Btconline: Bitcoin Bounces Back from Record Low in June as Ethereum Gains
On Friday, Bitcoin bounced back from its record low since June. Meanwhile, Ethereum one again increased over $300.
“The crypto market appears to be in its final stretch of its bearish state. This correction is not unexpected due to the over-valued nature of many blockchain projects and regulatory uncertainty,” said Chris Yoo, a portfolio manager at Black Square Capital, said.
Based on the Bitifinex exchange, Bitcoin made a 2.8% increase to $6,497.7 while Ethereum traded gained a further high of 5.8% to $302.1.
On one hand, the Ripple lifted to .8% to $0.30225 on the Poloniex exchange. Litecoin, on the other hand, increased from 3.4% to $56.879.
Ethereum started its recovery since Thursday following the update of the network’s co-founder Vitalik Buterin regarding the so-called Casper protocol upgrades. This upgrade is likely to provide solutions for scaling issues. Further, Buterin pledged the forthcoming of the upgrade and assured that this could fasten transaction speed as stated in his tweetstorm.
The transaction speed of Ethereum has the tendency to run between three to seven transactions per second. This is way too slow compared with the thousands per second process which credit card companies promise.
Meanwhile, there is a possibility that anxious venture capitals may start abandoning their ICO tokens and ether holdings and Ethereum prices might have a decline of $100 this year, according to BitMEX CEO Arthur Hayes.
Majority of the analysts believe that the movement of the cryptocurrency industry this week was because of the concerns about ICO investors costing to cover expenses whilst worries regarding the extension of the cryptocurrency bear market. In spite of this, eToro Senior Market Analyst Mati Greenspan said that this assessment misses the mark, and pointed out that the strengthening U.S. dollar has been impacting crypto prices.
“As the United States moves to tighten its economy and avoid strong inflation, they’re taking action that is strengthening the Dollar. Because the US Dollar is the global reserve currency, many smaller economies rely heavily on a stable exchange rate with the greenback,” Greenspan wrote. “So too, as the Dollar is being seen as a stable store of value at the moment, there really isn’t much incentive for people to store their money in digital assets.”
Btconline: Ethereum records further gains as Bitcoin drags
On Thursday, Ethereum further gained and headed the game among all cryptocurrencies while Bitcoin drags as it struggles around the unchanged mark.
Ethereum made a 2.8% gain to trade at $291.23 following the updates of after the network’s co-founder Vitalik Buterin on Casper protocol upgrade which is believed to provide solutions on scaling issues.
Meanwhile, Bitcoin dragged against the five largest cryptos. Bitcoin inched up to up 0.3% to $6,350 on the Bitfinex exchange.
Elsewhere, Ripple made an increase of 2.5% to $0.29058 while Bitcoin cash surged to 1.8% to $523.07.
