The last few days saw depreciation of the two most popular cryptocurrencies; Bitcoin (BTC) and Ethereum (ETH).
Last week Ethereum was the number one topic of conversation after huge fall of about $283 in just a minute. However, this flash crash happened on only one exchange.
Coindesk says the flash crash was so strong that Coinbase (US operator of GDAX) decided to temporarily block Ethereum payments and trading on ETH/USD. The official reason for such a fall was a single sale of ETH valued at $ 27 mio.
Looking at the Ethereum chart on the Bitfinex exchange we can see that the price reached the $225.00 area from which there was a strong bullish reaction yesterday. Gains over the past 48 hours have reached more than 45%.
Also, on the Bitcoin chart we can see a bullish reaction. BTC/USD has reached the $2,420 level. This coincides with an uptrend line which is the lower band of an ascending channel. A strong rebound from this level can open the way to further gains.
Bitinfocharts.com says that Bitcoin market cap is $41.2B now which is 56.6% of total cryptocurrency capitalization. Ethereum has a 37.1% market share.
It is worth to noting that Bitcoin is the number one cryptocurrency mainly because it was first.
Conversely, Ethereum is one of the youngest. Despite that, Ethereum had the largest trading volume over the past 24 hours.
Bitcoin has been around for almost 8 ½ years and Ethereum for almost two.
