Bitcoin Price Corrects While Gold Sees Worst Daily Drop in 2.5 Years
Thursday, Sept. 5 — after failing to break $10,800 price point, Bitcoin continued to hover around $10,500, while most of the top 20 coins saw major losses.
Market visualization | Source: Coin360
After hitting an intraday high of $10,761, Bitcoin has seen a notable decline and continued fluctuating around $10,500 for most of the day. At press time, Bitcoin is trading at
$10,528, down around 1% over the past 24 hours at press time. Still, Bitcoin is up more than 10% over the past 7 days as, according to some, the major cryptocurrency entered the early phase of the next bull cycle recently.
Bitcoin’s dominance continues to grow, having broken a 71% rate of market share earlier today. At press time, Bitcoin’s dominance percentage accounts for 70.9%.
Bitcoin 7-day price chart | Source: Coin360
Ether (ETH), the second cryptocurrency by market cap, is down over 2.8% over the day. Trading at $173, the top altcoin is still up around 2% over the past 7 days at press time.
Ether 7-day price chart | Source: Coin360
XRP, the third top cryptocurrency by market cap, tumbled 1.7% to trade at $0.26, staying nearly flat over a 7-day period at press time.
Ripple 7-day price chart | Source: Coin360
Gold is at the worst daily decline in 2.5 years
Meanwhile, gold prices have reportedly seen the worst daily percentage decline in more than 2.5 years today, down more than 2% over the day, according to CNBC. At press time, spot gold trades at $1,518 per ounce, down 2.1%, while United States gold futures dropped 2% to trade at $1,528.
Earlier today, Veteran frontier markets investor Mark Mobius claimed that in order to have any value, a cryptocurrency should be backed by gold. Previously, Mobius suggested that cryptocurrencies can potentially trigger the surge of the price of gold, arguing that the rise of faith in Bitcoin and crypto will increase the demand for the hard asset.
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