A visual representation of the digital cryptocurrency, bitcoin is displayed on December 22, 2017 in Paris, France. (Photo by Chesnot/Getty Images) The bitcoin price, which last week looked set to fall under the psychological $6,000 mark after a substantial sell-off, has managed to hold its ground over the last few days — though the same cannot be said of other major cryptocurrencies, including ethereum and ripple (XRP).
Bitcoin, which has been hovering around $6,400 since falling to just over $6,000 on most major exchanges on Friday, has again beaten off some of its biggest rivals — most of which have struggled more than bitcoin to support their valuations this year after 2017’s massive bull run. In the last 24 hours bitcoin has added a little over 1% to its price, while ethereum is off by 2.5% and ripple (XRP) is down by 1.7%.
Over the past five days, some $43 billion was wiped out off the wider cryptocurrency market from a total of $257 billion on August 7. The price of ethereum (traded through the token ether) was unable to find support from an announcement from its widely respected founder Vitalik Buterin, who laid out plans for a blockchain consensus algorithm which can survive a so-called 99% attack over the weekend.
Buterin has proposed a way to detect if miners are trying to perform a 51% attack and shut it down before it builds traction, providing additional safety guarantees. If Buterin finds a way of implementing this 1% consensus algorithm it will go some way to making ethereum one of the most robust cryptocurrencies around. The ethereum price is now trading at yearly lows of around $320, down from over $1,300 in January of this year.
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