The cryptocurrency world is a volatile one, and it can be tough to keep up with the latest news. Luckily, we’re here to help. In this blog post, we’ll give you a rundown of what’s going on with crypto today.
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Introduction
It’s been a tough few weeks for cryptocurrency investors. The total market value of all digital assets has declined by more than 60% since early January, and many individual coins have fared even worse. So, what’s going on? Why is the market in such a tailspin?
There are a few possible explanations. First, the hype that propelled Bitcoin and other cryptocurrencies to stratospheric heights in 2017 has largely dissipated. The “get rich quick” crowd has moved on to other opportunities, leaving behind those who are more interested in the technology and its potential long-term applications.
Second, there’s been a spate of bad news, including tighter regulations from governments around the world, bans on cryptocurrency trading in some countries, and hacks of major exchanges. These factors have made it difficult for the market to sustain its upward momentum.
And finally, there’s simple technical analysis: after such a massive run-up in prices, a significant correction was overdue.
So, where do things go from here? It’s difficult to say. Cryptocurrencies are still a relatively new phenomenon, and their long-term prospects remain uncertain. But for those who believe in the technology and are willing to weather the current storm, there could still be substantial rewards ahead.
Bitcoin
As of 2:30 p.m. EST, Bitcoin was down 3.6% over the last 24 hours, according to CoinMarketCap.com. The world’s largest cryptocurrency by market cap is currently trading at $10,39 7.21, after hitting a low of $10,300 earlier today.
Other major cryptocurrencies are also in the red today. Ethereum (ETH) is down 5% and XRP is down 4%, while Bitcoin Cash (BCH) and Litecoin (LTC) are both down around 3%.
Ethereum
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.
Litecoin
Litecoin is a cryptocurrency that was created in 2011 as a fork of the bitcoin protocol. It is similar to bitcoin in many ways, but it has faster transaction times and a different mining algorithm. Like bitcoin, litecoin is decentralized and has no central authority. It can be used to buy goods and services, or traded for other cryptocurrencies like bitcoin.
Litecoin has been on a roller coaster ride over the past few months, falling sharply after the major crypto sell-off in January, then rallying hard in February and March. The price has been volatile in recent weeks, but remains up over 1,000% since the beginning of the year.
If you’re thinking about buying litecoin, or any other cryptocurrency, there are a few things you should know before you dive in.Cryptocurrencies are risky investments, and their prices can go up or down quickly. If you’re thinking about buying litecoin, or any other cryptocurrency, there are a few things you should know before you dive in.
Cryptocurrencies are risky investments, and their prices can go up or down quickly. Make sure you understand the risks before investing any money.
Bitcoin Cash
Bitcoin Cash, or Bcash, is a fork of Bitcoin. The fork occurred on August 1st, 2017, and lives on the UXTO of Bitcoin. As of press time, Bitcoin Cash has a market cap of roughly $4 billion dollars and is the fourth largest cryptocurrency by market capitalization.
Conclusion
In general, crypto prices are down today. Bitcoin is currently trading at $8,700, which is a drop of about 2% from yesterday. Ethereum is also down, trading at $700, or about 3% lower than yesterday. Other major cryptos like Ripple and Litecoin are also down slightly.
