There has been a major decline in the prices of three altcoins over the past 24 hours. Bitcoin Cash, Litecoin and Ethereum are the cryptocurrencies that were victims of a new price correction.
To begin with, Bitcoin Cash declined to the $1200 mark for the first time since November 12th, while the price of Ethereum dropped below $400 after surging to $500 a couple of days ago. Litecoin was the last in the list of altcoins with a drop in their prices, falling from $103 to $79 in twelve hours.
According to experts, this is a normal price correction with no significant movements. Even though the 20% fall caused a lot of panic on the market, experts say that the reason for these drops is the rapid 1500% rise in 2 years and especially the past 3 months. Similar to Bitcoin, most of these cryptocurrencies such as Ethereum, Bitcoin Cash and Litecoin have demonstrated exponential increase over the past few months.
A great example that this is no time for a panic is Bitcoin’s price, which surged to $11,300 after standing still at $6,300 in November alone. The price of Ether, on the other hand, easily surpassed the $400 mark for the first time since September.
The price of the leading cryptocurrencies has exploded and surged very rapidly in a one-month span – causing a correction or a sharp decline in its value. As of today, a lot of news publications tried to justify the dropping prices of these altcoins, comparing them to Bitcoin and its massive surge over the past month. A lot of that has to do with the acceptance of Bitcoin in many countries which is probably about to happen in 2018.
The lack of endorsement Bitcoin has from the European central bank is still a major issue. However, there is (probably) no possibility that it is going to play a vital role in the price trend. This is primarily because of the fact that the European cryptocurrency exchange markets account for a fraction of the global bitcoin exchange market.
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