The bitcoin price has undergone another drop. Hovering at around $658 at press time, this is a fall of about $8 since our previous price piece.
Also read: Is Ethereum Wounding the Bitcoin Price’s Ascent?
Altcoins Forge Ahead as Bitcoin Price Pulls Back
In our last discussion, the notion that ether was harming bitcoin’s ongoing rise was explained. That particular argument still stands; the most recent news is that Coinbase, primarily a bitcoin exchange up to this point, has now added Ethereum to the mix, and will offer ether-based services to its customers.
A Coinbase representative explained:
“Ethereum is pushing the digital currency ecosystem forward, and we are excited to support it as part of our mission to create an open financial system for the world.”
It’s possible that with ether’s sudden burst of force, bitcoin now has some distance to close. The two digital currencies do appear linked, particularly in past instances.
However, there’s another scenario to consider. As one source has pointed out, the G20 is currently preparing for a global economy meeting. Almost in anticipation of the summit, prices of several altcoins and cryptocurrencies have simultaneously risen. The interesting thing about this situation is that it could have positive or negative effects on bitcoin. It’s hard to determine which.
For one thing, if several crypto-coins are rising, that’s probably going to put bitcoin out of the limelight for the time being. With no one focusing on its progress, investments are likely to fall as others turn to other, high-rising currencies as their respective ascensions continue. To this, the fall of bitcoin could be easily attributable.
On the other hand, it may be that as the meeting gets closer and additional currencies experience price shifts that take them northward, bitcoin has been slow to react. It may only be a matter of time before America’s favorite coin hops up to join in the fun, likely experiencing a price hike like no other.
One source seems to agree and suggests two possible scenarios: the first is that bitcoin could sink as low as $560. The other is that bitcoin incurs one more drop down to the $640 range before it then incurs a steady rise yet again. Either way, it’s a decision probably best left to the markets.
Do you foresee bitcoin rising in the near future? Post your thoughts and comments below!
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