Ethereum Loses $300 Support While Bitcoin Remains Below $6,500
The past last week has been quite a struggle for the cryptocurrency market. Virtual currency had declined close to 30 percent in value.
However, towards the end of the weekend, the market recovered and is currently at $215 Billion. Both the fall and pull-back were led by Ethereum which saw significant changes.
Bitcoin, still the world’s most valuable currency, was expected to rise toward $7,000 over the weekend, having moved past a key technical hurdle on Friday. However, contrary to expectations, BTC failed to absorb supply around $6,600 in the last 48 hours.
While Bitcoin recorded a small gain of 0.5 percent, other major cryptocurrencies including Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, and Cardano fell by 1 to 4 percent, affecting the token market.
Ethereum has been struggling to hold its ground since breaking below the $300 key psychological level. The recent drop is being pinned on the cashing of ICOs as most tokens chalk up consecutive declines.
And since ERC-20 tokens were mostly used for the creation of ICOs for funding purposes, the profit-taking activity has consequently led to selling of Ethereum.
Ethereum price is giving positive hints against the US Dollar and bitcoin. ETH/USD could quicken increases over the $308 levels in the event that it remains above $290.
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