The cryptocurrency market is experiencing a notable price dip across the board. According to OnChainFX, bitcoin sold for around $10,709 on Monday morning while ether tokens went for a little more than $981.
Both these prices represent more than an eight percent price drop over the past 24 hours. Most cryptocurrencies are experiencing a similar decline, with tokens such as Ripple’s XRP plunging more than 13 percent over the past 24 hours. However, to put this all in perspective, OnChainFX still estimates XRP grew 477 percent over the past month while bitcoin and ether rose 85 percent and 215 percent, respectively. Many experts see this current slump as a temporary period of market correction.
BitGo engineer Jameson Lopp tweeted statistics showing bitcoin’s track record for daily volatility over the past seven years, ranging from 0.22 percent to 1.11 percent in daily flux. So far 2018 appears to have a wider margin of oscillation, driven by broader adoption and more public awareness than cryptocurrency ever had before.
Few veteran cryptocurrency experts see the current slip as unique or alarming. Meanwhile, traditional financial experts are becoming even more skeptical.
Peter Boockvar, chief investment officer at Bleakley Advisory Group, told CNBC he wouldn’t be surprised if bitcoin dropped to $3,000 or even $1,000 this year. That would be the steepest drop in the history of blockchain technology, but it’s not impossible. Read more from ibtimes.com…
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