The crypto markets are sinking slightly today, bringing BTC back slightly under $8,000 and ETH close to $500.
Bitcoin’s (BTC) price has gone back under $8,000, and Ethereum’s (ETH) briefly under $500, as the crypto markets experience a slight slump today, April 16.
BTC’s price last week had jumped $1,000 in 30 minutes, maintaining a relatively steady upward trend across the board in the aftermath of the jump.
BTC is currently trading for around $7,944, down around 5 percent over a 24 hour period to press time.
ETH is also down around 5 percent over a 24 hour period to press time, now trading above $500 again at around $503.
Of the top ten coins listed on CoinMarketCap, only altcoin Cardano (ADA) is in the green, up almost 8 percent over a 24 hour period and trading at around $0.23 by press time. Cardano’s upward swing could be attributed to news that crypto platform Huboi, ranked the number two exchange for 24 hour volume on CoinMarketCap, will add Cardano to its listings today.
Cointelegraph contributor Joseph Young tweeted today that he is more “comfortable” with a market where every altcoin doesn’t necessarily follow Bitcoin:
I'm more comfortable with the cryptocurrency market now, as cryptocurrencies have started to demonstrate independent movements.
Bitcoin did not make major movements today, but Cardao rose by 11% and ICON went up 8%. I like that cryptos are not just following the trend of BTC.
— Joseph Young (@iamjosephyoung) April 16, 2018
Total market cap remains above $300 bln, which it broke on April 12, currently at around $319 bln by press time.
This week has seen some bold predictions by actors in the crypto space, as investment tycoon Tim Draper predicted that he saw BTC hitting $250,000 by 2022 – a claim held up by CNBC Fast Money’s Brian Kelly – and bullish Wall Street predictor Tom Lee repeated his stance that BTC will reach $25,000 in 2018.