Cryptocurrencies Decrease for First Day After Recent Bitcoin-led Rally
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After a steady increase of prices for cryptocurrencies, the price of many of the Top 10 coins fell for the first time since seeing green. Bitcoin was the biggest gainer recently breaking the 9K plateau and making it all the way up to $9,500. Again, Bitcoin shows that it will take a different path from established commodities and currencies. Other cryptocurrencies that increased included Ethereum which saw an increase to $174. Cardano has also seen a steady increase propelling it into the top 10 by market cap recently.
Ethereum Classic almost doubled its price by increasing to $11.70 from the previous price set at $7. It is interesting to see what will happen to the crypto market as the halving begins to take shape in May and possibly affect pricing for the next year as seen previously. There are multiple speculations as to whether the halving will increase, decrease, or cause the price to remain the same. Past performance does not indicate future performance, but then again each halving has resulted in an increase in prices for Bitcoin that rises heavily.
If Bitcoin rises as it did in this new rally, then it will bring up other cryptocurrencies along with it. Ethereum has not seen big increases or changes although the protocol is being worked on to develop Ethereum 2.0 which should revolutionize the use of the blockchain. Litecoin has remained steady with very little change compared to previous price increases. It will be interesting to see if the market will drop for a few days or even weeks or if it will increase.
There are multiple factors at play currently from geopolitical as well as other factors such as the rallies being experienced in the stock market with great rises in prices due to recent earning calls. Whether Bitcoin will remain steady while stocks increase and take the spotlight will be interesting to see. Gold is also seeing an increase in pricing with a recent 30 day increase of $50 and a 3% increase.
The cryptocurrency roller coaster continues and every month prior to halving time will be interesting to see as a study in cryptocurrency history progression as well as the potential of adoption within each price change.