Daily crypto: Bitcoin rallies 260 dollars in three minutes and ethereum continues to drag down the markets

At lunchtime (CEST) on Sunday, the bitcoin price rallied from $6,188 to $6,451 in just three minutes, according to the cryptocurrency exchange Bitstamp.

This is an increase of $263, which is over four percent.

Image source: Bitstamp/tradeview

Exactly where the market is heading next is, as usual, hard to say. However, Erik Voorhees, founder and CEO of the American crypto exchange Shapeshift, recently said this about the development in the crypto market:

“I don’t expect it (bear market) to end soon, although I do think that the rate of collapse has slowed considerably. Generally in these bubbles, after you go through several months of a downtrend you hang out in a range for a while. But I think we are done with a majority of the collapse, Erik Voorhees said to CNBC Crypto Trader, according to CCN.

“I think we are done with a majority of the collapse”

Looking at the biggest cryptocurrencies, ethereum (–7,04%) is the one that has fallen the most in the last 24 hours. On Friday, the number of short orders placed on ethereum reached a new all-time high on the crypto exchange Bitfinex, according to Coindesk.

But also bitcoin cash (–2,87%), xrp (–2,67%), eos (–1,08%) and bitcoin (–1,30%) have decreased in value during the last 24 hours.

The cryptocurrencies on top 100 that performed the best were bitcoindark (+18,59%) and cortex (+3,43%), and the ones that performed the worst were moac (–19,87%) and nano (–12,37%).

*All numbers in this article are from Coinmarketcap.com.

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