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The price of bitcoin dropped below $ 5700 on Tuesday, as traders rebalanced their portfolios to increase their positions in altcoins. Bitcoin Gold hard fork. The price of the Ethereum has rebounded 8%, while two of the top 10 cryptocurrencies – Dash and NEO – posted double-digit increases.
Chart by CoinMarketCap
In total, the market capitalization of cryptocurrency added about $ 700 million Tuesday, although bitcoin fell by more than 3%. After starting the day at $ 166.8 billion, the cryptocurrency market cap fell and sank, but finally reached the current value of $ 169.5 billion.
Graphic taken from CoinMarketCap
Bitcoin Dip Price Following Bitcoin Gold Fork
As CCN reported, a Hong Kong developer intends to create an altcoin that shares a blockchain history with Bitcoin. To do this, the developer creates a "snapshot" of the blockchain at a specific point in time; this snapshot will serve as a starting point for Bitcoin Gold, even though transactions continue to take place on the original Bitcoin blockchain in the meantime.
The snapshot of the Bitcoin Gold blockchain took place on Tuesday morning. Thus, as for the Bitcoin Cash range on August 1st, users who hold bitcoin balances at the time of the fork will receive an equivalent amount of gold bitcoin after its official launch. Even though almost no one expects a lot of gold bitcoin, traders have accumulated bitcoins before the snapshot to maximize the potential profits that they can extract from the fork.
Now that the snapshot has taken place, traders can sell their bitcoins without missing the bitcoin gold drop, and they started doing it immediately immediately after the spur.
Bitcoin's Thumbnail from CoinMarketCap
A few hours before the spur, the price of bitcoin was trading at $ 5,984. As soon as the fork was produced, the Bitcoin price began to plummet, eventually reaching $ 5,580. The price of bitcoin has since recovered to $ 5,690, but it still represents a 3.5% drop over a 24-hour period. Bitcoin now has a market capitalization of $ 94.7 billion.
The price of Ethereum recovers $ 300
The price of the Ethereum was down since the activation of the Byzantine protocol update last week, but it finally began to recover on Tuesday as traders began to explore profit opportunities outside bitcoin. After starting the day at $ 289 and diving as low as $ 278 on Monday night, the price of the Ethereum reversed its path and crossed the $ 300 threshold. At present, the price of Ethereum is trading at $ 308; this represents a daily increase of 8% and translates into a market capitalization of $ 29.4 billion.
Ethereum CoinMarketCap Price Table
Altcoins back in style
Ethereum was not the only cryptocurrency to have a recovery on Tuesday. Every top 10 altcoin, excluding bitconnect, made a positive move for the day.
Altcoin CoinMarketCap Price Table
The price of the ripple rose 6%, bringing the market capitalization of cryptocurrency to third place above the $ 8 billion mark. The bitcoin spot price rose 2% to $ 330, and the litecoin price rose 6% to $ 58. The sixth-ranked scorecard saw a 10% increase to $ 295 and a market capitalization of $ 2.3 billion.
Dash Table Coinage by CoinMarketCap
NEM increased 5% to $ 0.213, and NEO jumped 12% to increase its price to $ 31. Bitconnect fell 3%, reducing its price to $ 197, and monero completed the top 10 with a 5% increase to $ 90
Image from Shutterstock.