Bitcoin And Ethereum Prices Drop – Momentum Shifts During Rally
The otheer day, the whole crypto community became enthusiastic to see Ethereum (ETH)’s price rising by 10%, and Bitcoin followed as well.
The whole crypto market exploded, just to see prices going down a bit after.
Bitcoin and Ethereum see massive price losses
Bitcoin saw its largest one-day decline in about a month just after hitting $12k once again.
Bloomberg addresses the issue and notes, “After another failed attempt of breaking free from the $12,000 level, Bitcoin is starting to lose some momentum,” quoting Edward Moya, senior market analyst at Oanda.
The same online publication continued to quote him and noted that while a strong dollar tends to dent appetite for the digital asset “and there are signs its popularity is fading among retail investors, if the greenback softens over 5% it could be the catalyst to help Bitcoin breach that threshold again, if its fundamentals improve.”
At the moment of writing this article, BTC is trading in the red and ETH as well. The whole crypto market looks bloody today.
BTC is currently trading at $11,335.60 on CMC and ETH is priced at $436.52 at the moment of writing this article.
Bloomberg also brings up Mike Novogratz who continues to remain bullish on Bitcoin.
“We’ve crossed the Rubicon — Bitcoin is not going away, the Ethereum project is not going away, it’s got critical mass and you are going to continue to see innovation after innovation,” he reportedly said.
Novogratz continued and concluded that “Cryptocurrency is here for good.”
Ethereum vs. BTC
Just the otheer day, we were reporting that ETH is currently in the crypto spotlight and they highlight the fact that the coin is up by more than 300% this year.
The price of ETH was going to the moon and it’s boosted by DeFi craze that’s currently sweeping the crypto world and BTC as well.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
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