• Tough week for Bitcoin and Ethereum amid fears of a correction period after recent rallies
• Ethereum drops below the $200 level
• Reprieve after they bounce back on Thursday
Ethereum and Bitcoin have struggled to make gains in recent days mainly due to the ongoing investors’ sentiment over the “bubble” and the fears that the two cryptos are facing a period of correction after their record setting rallies.
Bitcoin closed the market at $2380 on Thursday which is well off the near $3,000 price level touched last month. This comes amid warnings from a cross-section of analysts who believe the bubble is about to burst. Ethereum on the other hand slipped below $200 for the first time in a month.
However, despite the week’s losses, the market price of Bitcoin is up 450% year-to-date. Ethereum has dropped 55% after rallying to an all time high $400 in mid-June. Ethereum is on track to record a fourth weekly loss a low. However, it is worth noting that Ethereum’s price has gained more than 2000% from a meager $8 at the beginning of January.
How it happened
Bitcoin market is a peculiar one full of everyday intrigues and this week was not spared. Bitcoin started Monday on a strong note at $2529 but it dropped 6.4% to close the day at $2367.
Bitcoins woes continued into Tuesday where it further dropped about 1.5% to close at $2332.
On Wednesday, Ethereum was the biggest loser having opened trading at $231 and closing the day at $207 price level.
On Thursday Bitcoin started trading at $2407 but closed at $2358.
What does the performance of bitcoin mean?
The duo’s performance during the week did not come as a surprise.In fact, most cryptos, as well as a few currencies in the top 20, performed even poorly compared to the duo. However, they are bouncing back with nearly all currencies in the top 20 in the green again.
It is not uncommon for cryptos to experience high and lows in the same week. Last week, Bitcoin’s dominant trend was bearish and almost all major currencies recorded minor losses. Today(July 14 2017),almost all cryptos have bounced back.
Not all of the top currencies record equal gains. When Bitcoin is going up in value, most often other currencies follow suit. However, Ethereum gained only 0.91%, whereas NEM gained 19.22%. The biggest gain in the top 20 belongs to BitShares, with a 22.74% value increase. Most currencies are only in single-digit gains .
Click here for Ethereum/Bitcoin’s and price chart