ETHEREUM AND BITCOIN STRUGGLE TO PARE LOSSES AMID CORRECTION JITTERS
FOREX INVESTORS Prices of both Ethereum and Bitcoin slumped on Tuesday amid investor fears that both cryptocurrencies were poised for steeper declines.
On the U.S.-based GDAX exchange, BTC/USD fell to $2,347.3, down $52.1 or 2.16%. The popular digital currency has drifted lower from its peak of $3,000 achieved in June.
Meanwhile, Ethereum mirrored bitcoin’s move lower, falling to $193.61, down 10.15%. Ethereum traded below $200 for the first time since May 30.
Ethereum market capitalization has slumped in recent sessions, falling to $18 billion, well below bitcoin’s $38 billion, dashing investor hopes that the Ehtereum would be alternative cryptocurrency that usurps bitcoin as the largest and best capitalized blockchain – a phenomenon referred to as “the flippening”.
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