[2017-06-23] Bitcoin and ethereum struggle to add to gains

[White sugar]

Prices of both bitcoin and ethereum struggled to add to gains on Friday, as investors appeared to take profit on the recent rally that has seen both cryptocurrencies touch record highs.

On the U.S.-based GDAX exchange, BTC/USD fell to $2,707.2, down 0.28%.

Other big exchanges such as Poloniex, Bitfinex and BitStamp also showed the cryptocurrency trading around the $2,700-level.

Bitcoin has struggled to recover after falling from its peak of $3,000, as both profit taking and rising fears that the digital currency could be overvalued has weighed on sentiment.

Meanwhile, Ether, a currency transacted through the Ethereum platform, gained 1.89% to $324.83 but remained on track to post its first loss in three weeks.

Ethereum's popularity has soared in a short space of time and the cryptocurrency boasts large corporate backers such as JPMorgan and Microsoft that share investors' belief that ethereum empowers its users to "codify, decentralize, secure and trade just about anything."

Over the past year, ethereum and bitcoin have gained roughly 2306% and 340%, respectively.

http://www.nasdaq.com/article/bitcoin-and-ethereum-struggle-to-add-to-gains-cm807709

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[1Referee]

Even when Bitcoin has gained like 1000% last week, a few days later the reports will likely be the same - Bitcoin struggles to increase further... What do you think this is, a rocket that just keeps going up without running out of fuel at some point? It's mind boggling how noobish the context of these articles is getting nowadays. Every news medium is trying to jump on the crypto train, and they aren't shy of showing how ignorant they are. It's Nasdaq that pumps this article into the wide net, at least I would have expected a bit more professionalism here.

[TraderTimm]

There are some major differences here.

ETH still hasn't had their first big retrace/decline. Bitcoin has, and its history is peppered with parabolic rises and then dramatic declines giving a portion of gains back.

Yet all the ETH believers think they can defy gravity and never have a meaningful retrace.... ridiculous. They'll get their turn in the woodshed too, believe me.

[Kprawn]

" Ethereum's popularity has soared in a short space of time and the cryptocurrency boasts large corporate backers such as JPMorgan and Microsoft that share investors' belief that ethereum empowers its users to "codify, decentralize, secure and trade just about anything."

What a bunch of crap, Microsoft never indicated that they are interested in Ethereum, but rather the technology behind it. People who want to

pump and hype Ethereum are blowing this out of context. Saying you are interested in Blockchain technology are not the same as saying you are

interested in Bitcoin. People buy Ethereum hoping that one of the big corporate companies will buy huge amounts of Ethereum and base their

development on that... They will not! They will develop their own variant of Ethereum based on this technology. 

[iamTom123]

Even when Bitcoin has gained like 1000% last week, a few days later the reports will likely be the same - Bitcoin struggles to increase further... What do you think this is, a rocket that just keeps going up without running out of fuel at some point? It's mind boggling how noobish the context of these articles is getting nowadays. Every news medium is trying to jump on the crypto train, and they aren't shy of showing how ignorant they are. It's Nasdaq that pumps this article into the wide net, at least I would have expected a bit more professionalism here.

I am not really an expert on this but in my personal point of view, it seems to me that these authors and article writers are actually looking at Bitcoin and altcoins with condescending attitude so that when a normal decrease of value can happen they would feel like it can be the end of the world for all of us.

Since these coins are traded openly (just like stocks, forex, commodities) it is just a natural to experience some humps and bumps...so there is nothing to be surprised about. Still, I believe that the mainstream is still having some love affair for Bitcoin before it can start to over-scrutinize and criticize it.

[richardsNY]

Ethereum's popularity is 95% speculative, and 5% technology related. It's mind boggling how people act as blind chickens and just throw their money into something so recklessly. Funny thing is that all Ethereum fan boys that were extemely loud about how Bitcoin is struggling with higher transaction fees, low block capacity, etc, are now experiencing exactly the same with Ethereum....