Etherum Loses 25% and Digital Currencies Trigger Selloff
By Anatol Thomas
The Cryptocurrencies have gained a lot since their introduction in the market. The declining interest in the global currencies has encouraged the digital currencies to gain dominance. However, in recent times, the digital currencies such as Ethereum and Bitcoin have been experiencing losses.
On Tuesday trading, Ethereum lost about 25% and was trading $60.00 less than the previous session. This is the lowest in the past one month. The cryptocurrency has experienced its weekly loss for the third time as the experts warn about a correction in the market. The record-highs have encouraged investors to invest, but the disbelief in network capacity has triggered a selloff.
During mid-June, the price of Ethereum rose up to $400. Compared to the all-time high value, Ethereum has lost 55%.
Similar to Ethereum, Bitcoin has also struggled in the past few weeks. Investors are unsure of opening large positions as the analysts have issued warnings. The digital currency has reached its peak value of $3000 and the market experts were worried about its growth.
During early trading, Bitcoin was trading at $2300. It lost about 8.7% compared to the value of the previous trading session. Notable cryptocurrencies such as Ripple and Litecoin have also declined by 25% and 9%.
The uncertainty about the technology development required to support digital currencies coupled with the increased interest in the global basket of currencies has resulted in diminished interest in the cryptocurrencies. The current trend is expected to be a major selloff before these currencies bounce back again.
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