Ethereum price is continuously declining for some reason over the last few days and from a stable price range of $220-$230, the cryptocurrency is trading at $180 as of this writing.
A decline of around 5 per cent is being registered daily since last few days and for the week it has seen a decline of 15 per cent trimming its market cap to $18.2 billion. While the latest price decline is definitely something that will worry many traders and investors, Ethereum is Bitcoin’s rival and continues to hold its title of bigger year-to-date gainer by far.
Ethereum prices have surged nearly 2,300 per cent in 2017. However, that increase didn’t sustain and after hitting an all-time high of $395.16 on June 13, it has declined substantially and currently at 50 per cent of the value in June. However, trading volumes are high and is trading at levels last seen in May.
Bitcoin on the other hand showed an opposite behavior with prices surging to as high as $2800 levels again. Currently trading at $2670 levels, it is down from an all-time high above $3,000 on June 11. The first few days of July saw a marked decline with prices reaching a low of $1800, but the recent pricing trend have been largely positive.
Reports indicate that the market capitalization of bitcoin rose to nearly $46 billion and this effectively means that it once again accounts for more than half of the entire market cap for cryptocurrencies which stands at $89.9 billion.
August 1 Hard Fork
On August 1 Bitcoin will undergo a hard fork and will split into two cryptocurrencies – Bitcoin Core (which will retain BTC ticker for now) and Bitcoin Cash (BCC). The response to this hard fork has divided the community, traders, investors, wallet providers and exchanges with many supporting BCC while others outright denying any support.
Bitcoin Cash has already started trading on ViaBTC future where the cryptocurrency is faring well with prices hovering at around $400. A number of other exchanges have confirmed their support for BCC.
OKCoin International has said they will allow withdrawals, but are not yet sure about listing. Bitcoin’s biggest mining pool Bitmain mulls Bitcoin Cash (BCC) has also revealed that they are thinking over supporting BCC.
While there are those who are showing support, Coinbase and GDAX aren’t game and have already angered their users by stating that they will not allow BCC withdrawals. This stance has had a knock on effect on GDAX volumes of Bitcoin trading that have just recently fallen substantially.