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Etherum Faces Losses While Bitcoin Moves Forward

July 12, 2017
By Anatol Thomas
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The cryptocurrencies are having a hard time in the forex market when the global currencies are gaining steadily. The US dollar is hoping to gain momentum with Janet Yellen’s comments. Euro gained a strong position in the market with ECB comments. Pound too gained strength in the market. With the global currencies gaining dominance, the interest in alternate currencies waned slightly.

The confidence in digital currencies was shaken when Ethereum tumbled down to just 10 cents from $300 due to poor network management. After the shocking fall, Ethereum quickly recovered, but the digital currency continues its struggle. After reaching its all-time peak of $3000, Bitcoin slumped too.

On Tuesday trading, Bitcoin gained slightly while Etherum continued to face losses. In the GDAX exchange, BTC/USD was trading at $2445. In other exchanges too, Bitcoin was trading at $2400 level. Ethereum was trading at $262.66 in major exchanges.

Even though the digital currencies show signs of recovery, market experts express their concern for these currencies in a market where network growth is not on par with the demand. A correction is in line for these cryptocurrencies which further decline the interest in these currencies.

Many analysts predict a selloff in the crypto sector, especially with global currencies continuing to strengthen in the market. Even though both Ethereum and Bitcoin have gained so much since their launch, the world is moving towards a growing economy in which the interest in other assets is likely to diminish.