The following is an excerpt from Mihăiță Bamburic | August 8, 2017 | betanews.com |
Things took a turn for the worse in the cryptocurrency market after the price of Bitcoin broke the $3,000 barrier in mid-June. All the major coins posted significant losses, leading the market to shed tens of billions of dollars in value in a really short period of time. The flippening? Well, that didn't happen. Ethereum crashed even harder than Bitcoin, dropping from a $400 peak to $150 last month.
But, as investors know, volatility is the name of the game. The cryptocurrency market has repeatedly crashed and recovered to reach new highs, and it's on the same path now as the rise of the major coins, spearheaded by leader Bitcoin, goes to show.
CoinMarketCap, which keeps track of the current trading price and market cap of around 800 cryptocurrencies, shows that the market has broke past the record levels reached in June. Bitcoin went for over $3,400 today, pushing its market cap at above $55 billion.
Bitcoin went through tough times this past month, as turmoil in the market sent its price to below $2,000 around mid-July. Weeks after, Bitcoin Cash appeared, after a hard fork of Bitcoin, and traded for nearly $800, before crashing hard to around $200 after the frenzy.
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