Cryptocurrency

Bitcoin Drops to $47,000 as Ethereum Rises

Bitcoin Drops to $47,000 as Ethereum Rises

  • Flagship cryptocurrency Bitcoin lost more than 2% of its value earlier today, falling to $47,055
  • Since reaching $50,300 almost two weeks ago, the world’s number one cryptocurrency has been ranging between 50K and 47k
  • Meanwhile, the cryptocurrency of the Ethreum blockchain Ether is up by 4.6% for the day, trading at $3,300

The price of the world’s number one cryptocurrency Bitcoin fell to $47,055 on Tuesday morning, a drop of 2.8%.

Bitcoin

Within the last two weeks, BTC has fallen from $50,300 to $47,000 as the flagship cryptocurrency ranges between those points.

The value of BTC went up on the back of some positive comments made by influential people such as Jack Dorsey and Elon Musk.

However, comments made by renowned people about the cryptocurrency has driven the price back down.

One of such is billionaire hedge fund manager, John Paulson claiming that Bitcoin is too volatile and there is no intrinsic value attached to the asset.

At the moment, it is a mixed day for major cryptocurrencies, with some up in the last 24 hours as others record losses.

The second-largest cryptocurrency in the world, Ethereum is up by 4.8% in the last 24 hours to $3,300.

Read also: Twitter CEO Jack Dorsey to Launch a Decentralised Exchange for Bitcoin

Cardano, the third-largest cryptocurrency based on market cap was down by 1.49 per cent at $2.80. The market cap of Cardano is $89 million.

Among the biggest gainers, Solana is up by over 18% in the last 24 hours as the cryptocurrency continues its bullish run.

On Tuesday, the global crypto market cap is $2.05 trillion, this is down by 2.1% from its standing yesterday.

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