For a long time, during which there has been a great and tremendous gain in the price value of the Bitcoin, there are those who have had their negative share on the cryptocurrencies’ price value.
The latter seems to have their day today when the two digital currencies suffered a major blow when they lost massively.
Various financial analysts, digital currency investors, and cryptocurrency enthusiasts argue that the more than 2o percent market capitalization fall is such a huge setback.
Many did not believe when they woke up to a market capitalization of as little as $91.4 billion from a staggering $117.2 billion the Bitcoin had enjoyed to midnight nearly a fortnight ago.
It was until early yesterday when the Bitcoin enjoyed an initial market capitalization value of $105.3 billion. But as the day unfolded and the market got stiff, the price value of the Bitcoin caved in by almost 13% to reach the lowest of $91.4 billion.
CoinMarketCap indicates that the fall in the market capitalization did not affect only the Bitcoin and Ether.
Over 20 top cryptocurrencies also suffered from the bitter results of the price and market capitalization.CoinBase Now In Talks With Digital Currency Investors Over $1 Billion Valuation.
According to Charles Hayter, the CEO and co-founder of CryptoCompare, an online leveraged cryptocurrency platform, the sudden massive fall in the market capitalization of the top-ranked digital currencies can be attributed to recent ‘unnecessary hype’ that has dominated the Bitcoin price value gain.
The media, on the other hand, believe that the market has been one that is driven by the natural gains without necessarily looking at the future of the digital currency.
At the end of today’s market, the Bitcoin had suffered a loss in its price by about 7% while its closest Ether, which at the moment powers their blockchain, lost much of its price value up to 20%.
To this, Hayter said that various stakeholders should have noticed this long time ago.
“A simple yet complicated correction of sorts remained in the cards for a long time,” Hayter said.
Several other digital currency stakeholders including enthusiasts echoed the noble sentiments that were made by Hayter saying that traders only rushed to make cheap and quick money without looking beyond the horizon.
One such digital currency analyst is Brad Chun, the Chief Investment Officer with Shuttle Fund Advisor who asserted that only profits taking by those that are at the top of the digital currency trade are the actual cause of the sudden fall of the Bitcoin value. Bitcoin Casinos See Increase Of US Players.
Besides, others have been in the recent past seen to rush towards rebalancing their different portfolios in a bid to stay afloat.
“In the last couple weeks, several investors have had a tendency of taking cryptos off from the table. Many who do so say it is for fiat cash and others for their reasons, which is also one of the reasons why there has been a sudden fall in the value of the digital currency,” Hayter added.
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