RATE Group | Cryptocurrency Market Sees Red as Bitcoin Still Struggles Under $12,000
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Cryptocurrency Market Sees Red as Bitcoin Still Struggles Under $12,000

10 Aug Cryptocurrency Market Sees Red as Bitcoin Still Struggles Under $12,000

Posted at 01:55h in Cryptocurrency News by

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Friday, Aug. 9 — Bitcoin (BTC), Ether (ETH) and XRP are slumping along with the rest of a largely red cryptocurrency market.

Coin360

Market visualization. Source: Coin360

Bitcoin is trading at$11,910 at press time, with approximately a 1.16% loss on the day. Bicoin has broken $12,000 three times this week, but has lost traction at or above that price point. Nonetheless, some BTC bulls are saying that the current market conditions indicate only a temporary setback for its inevitable surge beyond the previous all-time high. Serial VC investor Tim Draper commented:

“I thought there would be many more competitors at this point that were really relevant, but people have consolidated towards Bitcoin because it’s decentralized.”

BTC

Bitcoin 7-day price chart. Source: Coin360

The number two cryptocurrency, Ether, is down by around 4.37% at press time to trade at $211. Over the past seven days or so, ETH rose to its peak in the middle of the week on Tuesday before sinking back down all the way…

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