Cryptocurrencies Fall In the Market With Investors Taking Profits
by Latisha Liming
Digital currencies such as Bitcoin and Ethereum have been rising in the market in recent times. These cryptocurrencies are highly volatile because the market is always unsure of the network growth to sustain the increased demand. On Monday, both Bitcoin and Ethereum fell as the investors were keen on pocketing the profits. Both these coins have reached record highs earlier.
According to GDAX exchange, BTC/USD pair fell to $2.88 and it has lost 7.76%. Bitcoin was trading at $2200 level which is much lower than the record high of $3000. In June, the currency has been declining after reaching $3000. However, on the positive side, the currency has gained about 150% in this year.
Ethereum has been trading at $214.70 which is a loss of 21.63% from the previous level. The sudden decline in the interest in Ethereum is generally due to the fear of the investors. Many Ethereum based projects are in the developmental stage. Investors are worried that the network may not be capable of handling the overload. When flash crashes occur frequently, it would become difficult for the investors to make profits.
During the last week, Ethereum reached 10 cents from $300 because of the flash crash. Digital currency investors are moving towards sell off. At this level, the market cap for Ethereum is fixed at around $24 billion while Bitcoin has a market cap of $40 billion.
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