Bitcoin Price Drops $100 in a Day as Ethereum Rebounds

If you thought the recent bitcoin rally would be a smooth sail upwards you were in for a rude awakening yesterday. From a high of around $725 the price of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term dropped as low as $625 during the same day. However, if you were quick to jump ship yesterday you might be disappointed as well; the price of recovered today and now stands at about $670 again.

One possible reason for the drop is a couple of brief service outages at one the biggest BTC/USD excahnge by volume, Bitfinex. The firm explained that the issue was just network instability with its data center but this could have been enough to scare off a few traders still jittery from the DAO collapse.

Meanwhile, Bitcoin's largest competitor - Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term - has been able to hold its ground after the initial shock it sustained following the massive hacking of the DAO. After trading for as low as $11 yesterday, the ETH/USD excahnge rate is back around the $15 level - the same as it was shortly after the DAO attack.

Ethereum has more ground to recover before it can reach the $20 level again but at least the stop-gap measures taken by the developer community has been able to bring its market cap to about $1 billion again.