ALBAWABA – The world’s largest and first cryptocurrency, Bitcoin, dropped to $28,564 on Wednesday, according to Google’s Market Summary, after trading at $30,008 early in the day, crossing the $30,000 barrier for the second time in one month.
Bitcoin also breached the $30,000 barrier for the first time in more than eight months, since June 2022, reaching $30,833 on April 14, 2023.
The $BTC price is at $28,509.72 right now.— Bitcoin updates (@Bitcoin8News) May 3, 2023
? Compared to the last tweet, the price has increased by $13.69 (0.05%).
? In the last 24 hours the price has increased by $564.6 (2.02%).#Bitcoin #BTC pic.twitter.com/mSZCtoOM11
On the other hand, Ethereum dropped 12 percent from a month-high of $2,120.56 on April 16 to $1,867 on Wednesday, while still opening at a 3.11 percent gain from $1,810.92 on April 3.
Litecoin dropped as well from $92.98 on April 3 to $88.19 on Wednesday, having achieved a 6-month high of $102.6 on Feb. 15.
There are various types of cryptocurrency, the most common of which are utility, payment, and stablecoins. In many cases, crypto coins are used as investment vehicles, stores of value that may be bought, sold, or traded.
While most utility and payment crypto coins are intended to serve specific monetary or exchange purposes, such as bitcoins, other coins are intended to serve as assets, such as USD Coin, whose value is tethered to an external variable, which in this case is the US dollar.
Originally, bitcoins were invented to serve as currency, to make cross-border payment transactions more efficient, timely and effective.
Since 2009, Bitcoin reached an all-time high of $68,991 in December 2021, and is expected to further drop in value for the upcoming months, notwithstanding sporadic changes throughout the year.
Written by Albawaba Business Editor and Writer Abdulrahman Bazian