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In Spite of Record Gains, Bitcoin (BTC) Price Hovers Around $6,500 While Ethereum (ETH) Shaves $300 Support

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Ethereum struggles for survival.

On Sunday, the virtual currency market showed some signs of recovery in the wake of last week’s major price slumps. However, there haven’t been enough rallies to suggest that the market will upturn the dominant bearish movement.

Some Days Back

Friday witnessed a market attempt to change its fortunes; however, the minute gains were not widely consolidated. At the time of writing on Friday, the price of Bitcoin (BTC) sat at $6,500 USD, while Ethereum (ETH) dropped just below $300 USD. According to Coin360 data, other altcoin prices improved between 1% and 5% on Friday. Interestingly, about 20 coins experienced a price spike as high as 16%.

Bitcoin (BTC) Performance

At press time, the foremost digital coin has witnessed no significant change in price in the last 24 hours. As a result, it trades at $6,380 USD (data from Cointelegraph’s Bitcoin (BTC) price index). While the coin displayed a bullish movement reaching $6,500 USD yesterday, it has nonetheless dropped to $6,330 USD as of today.

Much as Bitcoin (BTC) has stemmed the loss of about $170 USD, it has nevertheless failed to return to the bullish price. However, it has managed to remain stable, sitting within $6,400 USD margin. With such price fluctuation, this week has shown that Bitcoin (BTC) stepped up by 0.5%. But the gain wasn’t enough to neutralize its monthly loss of 14.56%.

Ethereum (ETH) Performance

At press time, Ethereum (ETH) was trading at $295 USD, below $300 USD, but still representing a 1.85% increase for one day. Although it started trading at $285 USD, ETH has put up a tentative comeback of $300 USD in the past 24 hours. Although the beleaguered altcoin pulled above $310 USD yesterday, it hasn’t been able to pull off the same stunt today.

While Ethereum’s weekly chart shows that the asset has dipped by 8%, its monthly performance shows a 37% price fall. Since it slumped below $300 USD this August, ETH has continued to trade at an abysmal price point.

Other Altcoins In Digital Currency Market

On CoinMarketCap, most of the listed coins were in green, except Stellar Lumens (XLM) and Monero (XMR). The two altcoins were down by less than 1%. Drawing up the Top 20 List, IOTA (MIOTA) came in at the eleventh position with 11.6% growth for one day to trade at $0.53 USD at the time of writing. Although it couldn’t escape the market-wide downturn, IOTA (MIOTA) has significantly recovered from this week’s digitla currency market losses.

At the time of writing, VeChain (VET) had a 16% spike and traded at $0.014 USD, taking the 19th position on the list. And Tezos came in just one step ahead of VeChain, displaying some resilience at 4% after the general price drop stabilizing it at $1.37 USD.


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