BITCOIN dropped 10 percent to under $43,000 on Monday morning.
It was recently up to $48,638.99 after it rose 8.66 percent over the past week.
The tumble comes as Shiba Inu coin has spiked up in value after being added to Coinbase, as its rival DogeCoin dropped.
Meanwhile, the "meme" Dogecoin has gone down 5.8 percent over the last week.
Read our cryptocurrency live blog for the latest news and updates… WILL ETHEREUM OVERTAKE BITCOIN? It’s difficult to say for certain, but it’s possible Ethereum one day overtakes Bitcoin as the dominant crypto, according to Goldman Sachs. Last month, the bank said Ether “looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications,” reports Business Insider . Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, added to The Sun: “Bitcoin may boast the strongest brand in the crypto world but it doesn’t provide the same opportunities as a launch pad for decentralised apps.”
ETHEREUM UPGRADE Ethereum (ETH) was released in 2015 and is currently the second-largest cryptocurrency behind Bitcoin , which launched in 2009. As well as being used as a cryptocurrency, developers can also build applications and run smart contracts on Ethereum. The upgrade is technically called Ethereum Improvement Protocol 1559, or EIP-1559, but it has also been named the “London hard fork.”
WHAT WILL SHIBA INU BE WORTH IN 2022? Plenty of cryptocurrency fans have predicted Shiba Inu’s value for 2022, but you should take it with a pinch of salt as it’s nowhere near guaranteed. For example, crypto website Wallet Investor expects a value of up to $0.000018 in a year’s time. Meanwhile, Coin Price Forecast expects it to hit a value of $0.00002336 by the middle of next year. It then expects it to end the year at a slightly higher level of $0.00003037.
VOLATILE PRICES Myron Jobson, personal finance campaigner of Interactive Investor, told The Sun: "It is difficult to predict the price of a something that has an intrinsic value of zero. "All it takes is a tweet from high-profile individuals who have significant influence on sentiment to cryptos to drive up demand. "But greater regulatory scrutiny on cryptos threatens to hamper the growth potential of the Shiba Inu."
SHIBA INU COIN SOARED IN MAY In May, the value of Shiba Inu soared after Binance announced it would list the coins on the crypto platform . Its value rose again today, September 17, after it began trading on Coinbase. It means the price could rise once again if it’s successful in listing on other recognised platforms such as eToro. However, as we’ve seen in recent months, cryptocurrencies are highly volatile and their values can change in the blink of an eye .
RISKS OF INVESTING IN CRYPTOS Below we round up five risks of investing in cryptocurrencies. Consumer protection : Some investments advertising high returns based on […]