By Tofiq Aliyev
On Sep 22, 2020
Bitcoin and Ethereum are the two main cryptoassets in the market. Those cryptocurrencies play an essential role in making cryptocurrencies acceptable worldwide. Bitcoin serves as the only decentralized cryptocurrency. However, Ethereum is a comprehensive platform for various DApps or tokens. Many tokens operate on Ethereum. Their prices are changing depending on the news and the demand-supply issues. Let’s examine the latest price changes.
Bitcoin, with the more than 60% of the market capitalization, leads the crypto market. After September 2, the fall from the almost $12000 bitcoin has not reached those figures. Until September 21, bitcoin hit $11.000, but could not stay there, and after the hesitation of the investors, its price went down. After two days selling totaling volume, 13k bitcoin plunged to $10.500. Recently there is much positive news for bitcoins. Today the market reacts to those incentives. Investors bid price to buy bitcoin, and volume is 2k USD till now. We can extrapolate that with that convincing news price of bitcoin will see the next surge in price.
Ethereum has a similar graph with the Bitcoin. As the second biggest market capitalization, Ethereum plays a significant role. From September 1 to 6, the price fell from the Ethereum’s ever highest price, $479 to the $333. With that price changes, Ethereum will wait a little more “flippening” to happen. Flippening is a term for the possibility of Ethereum to surpass the market capitalization of the bitcoin. Similar to the Bitcoin, Ethereum was experiencing sell out for two days (volume-24k). Now Ethereum violates around 340 USD. As the good news comes from the media, the price can increase for the following days.
If we look at the main indexes, such as S&P500 and Nasdaq, we can see that the recent fall in the prices is not solely about the cryptocurrency sector. Both indexes fall after hitting their all-time maximum prices ($3500 and $12000). The reason for this fall could be the rising of the coronavirus cases. During the first surge in the coronavirus cases, all financial markets had collapsed. Only after the large incentives and aides, the financial system could rise again.
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