The decline of cryptocurrency on Christmas eve: the price of bitcoin, Ethereum, Ripple decreased by 10%

The decline of cryptocurrency on Christmas eve: the price of bitcoin, Ethereum, Ripple decreased by 10%

In the Catholic Christmas eve, 24 December, the price of the leading cryptocurrency has dropped significantly. Bitcoin, Ethereum, Bitcoin, Cash, Litecoin and Ripple, along with other cryptocurrencies on the market, except for some, plummeted in value.

Of the 10 most valuable digital currencies in the market, the greatest losses suffered Cash Bitcoin and Ripple, showing a decline of 18% and 17%, respectively. Earlier in the week these two crypto-currencies has grown rapidly, which led to even more significant correction among their own kind.

The price of bitcoin, Litecoin, and Ethereum deviated by more than 10 percent and the price of bitcoin fell to below 14 000 USD.

Why was the correction?

Historically, that market valuation of a cryptocurrency increases during holidays, especially at Christmas and New year. Analysts explain this growth trend in holidays for digital currencies, including bitcoin, the new members family and friends to the cryptocurrency market.

As soon as bitcoin and other cryptocurrencies gain popularity, more and more ordinary investors to invest in their trade.

December 23, the day before the vigil of Christmas, on the market of the digital currency has been a serious deviation from the market price, which led to the fall in the value of all cryptocurrency. Bitcoin fell by almost 25 percent, and other currencies lost up to 50 percent.

After a quick recovery December 24 in the cryptocurrency market saw another correction, not foreseen by most analysts and experts. Such respected and respectable investors, like billionaire and legendary hedge Fund Michael Novogratz, indicate that in light of the recent restoration it is possible that the price of bitcoin will go up again in the short term. However, before Christmas in the cryptocurrency market saw another price correction.

The latest correction in the market will give trading joining the opportunity to understand the nature of cryptocurrency development and trading risks. The founder and former Executive Director of the Coinbase Charlie Lee explained that after each increase of the market goes into recession.

This year, the cryptocurrency market development exceeded even the most optimistic expectations of experienced entrepreneurs, analysts and investors. In April 2017 the company’s CEO ShapeShift Eric Vorhes suggested that in 4 years the market value of digital currency will exceed $ 300 billion.

Until December only one bitcoin has already reached a capitalization of USD 300 billion, and the total value of the cryptocurrency market has exceeded 600 billion dollars.

Correction required

A significant correction from the market rate prevents short-term “bubbles”. Price trend of bitcoin and other cryptocurrencies on the market are optimistic, as they always managed to recover after a major correction due to the increasing demand of investors and growth.

Dec 11, Lee wrote:

“Every growth of cryptocurrencies in my memory gave way to a period of decline. The market needs time to strengthen. My opinion is based on 7 years of experience in this field. Yet to learn how to drop the price and how long it will take. People need to know about this trend and invest responsibly”.

At the moment on the market of cryptocurrencies is a correction of the basic market rate after three months of active growth of bitcoin and other digital currencies.

Until December only one bitcoin has already reached a capitalization of USD 300 billion, and the total value of the cryptocurrency market has exceeded 600 billion dollars.

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