Prices of bitcoin and Bitcoin Cash rebounded on Tuesday, while ethereum remained under pressure, further retreating from recent all-time highs.
A single bitcoin BTCUSD, +0.41% was most recently up 2% on the day at $4,139.87, after dropping to as low as $3,687 in morning trade. At the session lows, the virtual currency had briefly been pushed into correction territory, defined by technical analysts as a 10% or greater fall from a recent peak in an asset.
Bitcoin hit as low as $3,687 earlier on the day, which would represent a 16.7% decline from its mid-August record close above $4,425, according to virtual-currency site Coindesk.com. At current levels it is 8% below that peak.
Even after the stumbles, bitcoins price is about 400% higher since the start of the year, with a market cap at $68.7 billion, according to digital-currency research site Coinmarketcap.com.
Meanwhile, ethereums ether token retreated, coming off a recent record, down 0.5% at $322.33 on the day. It reached a peak in mid-June at about $380 a token.
Some industry experts played down the digital-currency slide.
Naturally some of the prices and exuberance seen in the price are causing traders to take profits, said Charles Hayter, chief executive and founder of CryptoCompare.
The moves for bitcoin come as the industry has tackled so-called scaling issues, which are intended to increase transaction sizes in the blockchain network. Traditional bitcoin participants have coalesced around a new protocol known as Segregated Witness, or SegWit., which solves bitcoins scaling issue.
With SegWit implementation it has perhaps been a question of buy the rumor, sell the news, said Hayter, referring to the industrys recent trading in the wake of upgrades to the bitcoin network.
Meanwhile, bitcoins offspring Bitcoin Cash, which tumbled 14% on Monday, rebounded on Tuesday, trading 5.2% higher on the day at $662.25.
The fallout of bitcoins transaction-size problem was the creation of Bitcoin Cash.
Bitcoin Cash, the nascent alternative to bitcoin, had climbed to a recent peak of $920 on Saturday. At current prices, its market capitalization is above $11 billion, making it the third-most valuable virtual currency, behind cyberunits running on the ethereum blockchain.
Like bitcoin, ethereum went through a fissure last year that resulted in ethereum and ethereum classic, which emerged after ethereums developers engineered a controversial software update that rolled back part of its blockchain in an attempt to recover stolen funds, which led to a segment of investors refusing to adopt the update.
Ethereum and ethereum classic have coexisted the fanaticism of [Bitcoin Cash] as a fringe idea will most likely influence bitcoin, but as with most splits left of field plays, it will not reach mainstream, just like politics, said Hayter. That said, if bitcoin manages to fracture its community through infighting, there could be a chink in its armor.
So-called ethereum classic is worth only a fraction of its updated brethren, with a market value at $1.3 billion, compared with ethereum at nearly $30 billion. Ethereum appreciated nearly 70% since the start of August and is up 3,875% year to date, having started 2017 at about $8.
The total market value of an array of widely followed digital currencies was at $147.49 billion.
View original post here:
Bitcoin rebounds after briefly entering correction territory – MarketWatch
- Bitcoin Price Analysis - Retesting all time highs - Brave New Coin - August 25th, 2017
- No SegWit Bump? Bitcoin Price Shrugs Off Upgrade with Sideways Trading - CoinDesk - August 25th, 2017
- Bitcoin, Ether extend gains, even as digital currencies take a regulatory hit - MarketWatch - August 25th, 2017
- Believe the Hype: Here's the Actual Next Big Thing in Tech - Fortune - August 22nd, 2017
- The IRS Has Special Software to Find Bitcoin Tax Cheats - Fortune - August 22nd, 2017
- Mark Cuban Backs Cryptocurrency Fund After Saying Bitcoin Is a Bubble - Fortune - August 22nd, 2017
- Bitcoin Analysts Compete for the Highest Price Forecast - Bloomberg - Bloomberg - August 22nd, 2017
- 'Bitcoin cash' soars to record high above $900 as 'mining' profits jump - CNBC - August 20th, 2017
- 'Bitcoin cash' surges 40% in single day as investors bet on its faster processing speeds - CNBC - August 20th, 2017
- Teenage bitcoin millionaire is back with a better Botangle ... - TechCrunch - August 20th, 2017
- Bitcoin bond launch brings digital currency step closer to 'world of high finance' - CNBC - August 18th, 2017
- Bitcoin just passed $4,000 | TechCrunch - August 18th, 2017
- Bitcoin Surged to a New High Adding $17 Billion in Just Over a Week - Fortune - August 18th, 2017
- Another major country joins China and Japan in cracking down on bitcoin exchanges - CNBC - August 18th, 2017
- Bitcoin Cash Breaks Price Doldrums to Push Past $400 - CoinDesk - August 18th, 2017
- Bitcoin wallet 'Blockchain' adds Ethereum support - TechCrunch - August 18th, 2017
- Photos: Inside one of the world's largest bitcoin mines - Quartz - August 18th, 2017
- Bitcoin's Next Battle May Already Be Looming - Fortune - August 16th, 2017
- Bitcoin ticks higher following pullback from record - MarketWatch - August 16th, 2017
- Bitcoin Price Surges After Agreement on Software Update - New York Times - August 16th, 2017
- Opinion: How you can make easy money from the bitcoin bubble - MarketWatch - August 16th, 2017
- Bitcoin Is Literally Soaring Into Space After Rocket-Like Surge - Bloomberg - August 16th, 2017
- Bitcoin Is Forking. Again. - Motherboard - August 16th, 2017
- Bitcoin 'miners' dig more than just the money - CNBC - August 16th, 2017
- Bitcoin market cap is within touching distance of major stocks like Netflix - CNBC - August 15th, 2017
- Bitcoin Bill Delayed as Russian Lawmakers Seek 'Optimal Solution' - CoinDesk - August 15th, 2017
- Dennis Gartman shares why he is staying away from bitcoin: 'Don't understand it' - CNBC - August 15th, 2017
- After calling latest surge above $4000, Standpoint's Ronnie Moas raises bitcoin forecast to $7500 - CNBC - August 14th, 2017
- Poloniex and Breadwallet Will Support Bitcoin Cash Transfers - The Merkle - August 14th, 2017
- Bitcoin Price Flies To More Than $4100 Over Weekend - PYMNTS.com - August 14th, 2017
- 3 Must Read Stories: Bitcoin above $4000, China's Risky Stocks, North Korea Sanctions - Barron's - August 14th, 2017
- Bitcoin Cash Hard Fork: It'll Show Us Which Coin Is Best | Fortune.com - Fortune - August 13th, 2017
- Bitcoin Price Index - Real-time Bitcoin Price Charts - August 11th, 2017
- Bitcoin surges to fresh record above $3500, beats gold amid the global market sell-off - CNBC - August 11th, 2017
- Square founder Jack Dorsey talks bitcoin and says blockchain is the 'next big unlock' - The Verge - August 11th, 2017
- The Bitcoin Price Just Inched Up to Set Another All-Time High - CoinDesk - August 11th, 2017
- Russia Is Secretly Plotting to Expand Bitcoin Mining Industry to Take on China - TheStreet.com - August 11th, 2017
- Top Wall Street strategist expects bitcoin to be the best asset through year-end - CNBC - August 11th, 2017
- $5000 Bitcoin? 3 Reasons to Buyand to Stay Away - Fortune - August 11th, 2017
- Howard Marks, who has called past market bubbles, says 'I don't understand what's behind bitcoin' - CNBC - August 11th, 2017
- Bitcoin is almost triple the price of gold here's what traders think you should buy - CNBC - August 10th, 2017
- Buoyant bitcoin stirs crypto-bubble fears - CNBC - August 10th, 2017
- Bitcoin retreats from all-time high even as Fidelity debuts digital-currency tracking - MarketWatch - August 10th, 2017
- As bitcoin comes off its record high, the next step is to avoid a 'lightning fork' - CNBC - August 10th, 2017
- The case for $5000 bitcoin - Quartz - August 10th, 2017
- Bring on the Forks: Bitcoin Traders See Improving Price Outlook for 2017 - CoinDesk - August 10th, 2017
- Bitcoin climbs to record, nearly three times the price of gold - CNBC - August 9th, 2017
- This Putin Ally Wants to Get in on the Bitcoin Mining Craze - Fortune - August 9th, 2017
- Bitcoin extends record climb, as digital currencies on the rise - MarketWatch - August 8th, 2017
- The Bitcoin Cash Fork Was a Dangerous Trick - Fortune - August 8th, 2017
- Hackers Demand Millions in Bitcoin for Stolen HBO Files - New York Times - August 8th, 2017
- Why is bitcoin surging? Ask 'Spoofy,' the trader who's reportedly manipulating prices - MarketWatch - August 8th, 2017
- Bitcoin Is Now Worth Nearly 3 Times More Than an Ounce of Gold ... - CoinDesk - August 8th, 2017
- OSTK to HODL: Overstock to Keep 50% of All Bitcoin Payments as Investments - CoinDesk - August 8th, 2017
- Illicit activity is hurting Bitcoin's future | New York Post - New York Post - August 6th, 2017
- Bitcoin Cash - The All New Crypto Kid In Town - Seeking Alpha - August 6th, 2017
- There's a house full of cryptocurrency gurus in San Francisco, and it's like a modern-day commune - CNBC - August 6th, 2017
- Bitcoin Rockets Past $3000 to a New Record High - Fortune - August 6th, 2017
- Bitcoin surges above $3K to record, more than tripling this year while 'bitcoin cash' struggles - CNBC - August 6th, 2017
- Bitcoin cash and the 'civil war' that is disrupting digital currency ... - South China Morning Post - August 6th, 2017
- Segwit2x and the Tale of Three Bitcoins - Bitcoin News (press release) - August 6th, 2017
- Bitcoin Price Surges Past $3,200 to Hit All-Time High - CoinDesk - CoinDesk - August 6th, 2017
- 'Bitcoin cash' prices fall by 57 percent, while some investors must wait until 2018 to receive their tokens - CNBC - August 4th, 2017
- Bitcoin Cash: Currency Soars to $700, Lawsuit Looms | Fortune.com - August 4th, 2017
- Bitcoin Has Split Into Two Cryptocurrencies. What, Exactly, Does That Mean? - Slate Magazine (blog) - August 4th, 2017
- Coinbase says it will support Bitcoin Cash after all but it isn't committed to trading yet - TechCrunch - August 4th, 2017
- Bitcoin Mobile SIM Card Top-Ups Now Available in 136 Countries - Bitcoin News (press release) - August 4th, 2017
- Germany's Largest Bitcoin Exchange Hands Over Customer Data Voluntarily - Bitcoin News (press release) - August 3rd, 2017
- Coinbase to Let Users Withdraw Bitcoin Cash After Outcry - Fortune - August 3rd, 2017
- 'Bitcoin cash' potential limited, but a catalyst could be looming for it to take off - CNBC - August 3rd, 2017
- Hackers have cashed out on $143000 of bitcoin from the massive WannaCry ransomware attack - CNBC - August 3rd, 2017
- CBOE plans to launch bitcoin futures, announces agreement with Winklevoss brothers' digital currency exchange - CNBC - August 3rd, 2017
- Bitcoin splits as new currency takes off - BBC News - August 2nd, 2017
- Bitcoin split in two, here's what that means - CNNMoney - August 2nd, 2017
- Nchain and Bitcoin Unlimited Promote Bitcoin Scaling Initiatives Amid Hard Fork - Bitcoin News (press release) - August 2nd, 2017
- Bitcoin has split, and there are now two versions of the popular cryptocurrency - Quartz - August 1st, 2017
- The Problem with Bitcoin Price Charts (Explained in Two Charts) - CoinDesk - August 1st, 2017
- Bitcoin to surge nearly 80% to $5000, ethereum to double, Standpoint's Moas predicts - CNBC - August 1st, 2017
- Bitcoin Chrome Extension Keeps You Up to Date on Price Fluctuations - Lifehacker - August 1st, 2017
- Bitcoin UASF Proposal Quietly Activates to Little Effect - CoinDesk - August 1st, 2017