In the realm of cryptocurrencies, September 18 served itself in the red. Bitcoin lost a big chunk of its value; 200 dollars to be more precise, with its market capitalization sinking to 193.000.000 dollars in a matter of a couple of hours. Additionally, within the same time frame, estimated losses in the performance of the biggest cryptocurrencies amount to more than 10%,
as CoinMarketCap stated.
BTC
As it stands, the leader of the crypto world, BTC, saw a 3,5% downward trend within the last day. This translates to a drop from about 6500 to approximately 6300. To give you more details, in the early hours of September 17, the value of Bitcoin stood at 6500 dollars. Somewhere in between the day, the value had dropped to a low of 6,236 dollars before it rose to stabilize at 6,300 dollars.
Other cryptos
On the other hand, Ethereum, the second-largest cryptocurrency in terms of market capitalization, saw the biggest drop in value when compared to a dozen major crypto players. Within a day (September 17) it fell by 10%, sinking below the 200 dollar mark in just a couple of hours. However, as of the midday of September 18, Ethereum’s price saw a notable recovery, and it currently stands at about 209 dollars.
Another two top altcoins that suffered losses are LiteCoin and Ripple. The former was subject to an over 8% decline in value, while the price of the latter decreased by approximately 3,5%.
Tim Draper Sees The Crypto Glass Half Ful
Despite the crypto numbers suffering notable losses, according to Tim Draper, there is no way that digital money will bite the dust down the road. On the contrary, the renowned venture capitalist forecasts 80 trillion dollars as a crypto market cap within the following 15 years. He maintained that the current crypto stagnation stems from the lack of people’s awareness and recognition of cryptocurrency as an asset of the future.
He also believed that as soon as people familiarize themselves more with this technological trend, society can expect the groundbreaking transformation of the industries across the globe. The sectors that will be affected in such a profound way involve “ finance, healthcare and insurance, banking and investment banking, and governments”, according to Mr. Draper.
He also compares the teething problems of crypto technology with the time of the dawn of the Internet. The investor argues that the starting days of the Internet were very akin to what we have with Bitcoin. The Internet made some big waves in the early time, whereas it subsequently crumbled. And then, the real huge wave arrived eventually – miles stronger and bigger. The same scenario awaits cryptocurrencies.
As of September 18, the cryptocurrency market cap crosses the line of 200 billion dollars, as CoinMarket Cap maintains.
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