What will happen Ethereum if Bitcoin prices suddenly fall?
January 18, 2018 6:00 am,
Bitcoin was invented by the mysterious Satoshi Nakamoto in 2008 and released as an open-source software in early 2009. The first transaction took place between Nakamoto and an early adopter of bitcoin in January 2009. The first real-world transaction happened in 2010 when a bitcoin miner bought two pizzas from a Papa John’s in Florida for 10,000 bitcoins.
Bitcoin really began to rally in October and November of 2013. The currency was trading at around $100 in early October. It reached around $195 by the end of the month. There was a rally caused by new bitcoin exchanges and miners in China entering the marketplace. This period was when the Mt. Gox was involved in around 70% of all bitcoin transactions.
Bitcoin has now nearly halved in price after topping $19,800 in mid-December. But the digital currency remains more than 1,100 percent higher over the last 12 months, according to Coinbase.
On the other hand, Ethereum is a rising star in the cryptocurrency world. Launched in 2015, the value of ether (ethereum’s currency) has increased rapidly. It has quickly become the second largest digital currency in just over two years, booming in value and spurring the rise of hundreds of new rivals to Bitcoin.
However, just before Christmas 2017, it suddenly pulled back from a price of more than $850 to around $690 – a drop of around 20 percent – although it has since shown some signs of recovering. Last year saw months of increase in the price of Ethereum and rival cryptocurrencies like Bitcoin. At the start of 2017, one coin was worth around $10.
Cryptocurrencies across the board took a hit, with all of the top 100 digital coins dropping in value. In fact, nearly every major cryptocurrency suffered massive losses during the day. More than $160 billion was wiped off the value of all cryptocurrencies listed on the website, highlighting the remarkable volatility in the market.
In an interview with, South Korean Finance Minister said shutting down cryptocurrency exchanges is still an option, but such measures would need “serious” discussion at the government level. This gave traders hope that it would not completely ban trading but rather introduce more regulation.
MORE than 200,000 people have signed a petition in South Korea against cryptocurrency regulations after government plans to curb speculation saw the value of Bitcoin and Ethereum plunge.
Hence, it’s tough out there for all the cryptocurrency investors. At the latest, the price of bitcoin and ethereum dropped in the double-digit percents– bitcoin hitting a month-long low of $11,191.59.