The cryptocurrency market stabilizes after a turbulent week
The world's most popular cryptocurrencies are stable again after the cryptocurrency market went through a turbulent week of price "correction". On the other hand, Jeff Currie, a commodities expert at Goldman Sachs, believes cryptocurrencies are more alternative to copper than gold when it comes to hedging against inflation.
Bitcoin, the most famous cryptocurrency in the world, is trading at a price of 37,177 dollars this morning, which is a growth of about 0.79 percent, according to the data of the site Coindesk. Market capitalization has also recovered and currently stands at around $ 697.16 billion.
The second most popular cryptocurrency in the world, Ethereum has risen just over 1 percent in the last 24 hours and is traded at a price of $ 2,677.
The rest of the market has been mostly green since this morning, which indicates that the situation has stabilized, which means that investors' confidence has returned.
Goldman Sachs: Cryptocurrencies are an alternative to copper, not gold
In fact, the movement of Bitcoin in recent times is quite similar to copper: in mid-May, these goods reached a record, and then by the end of the month lost significantly in value.
"There is good and bad inflation. Good inflation is caused by higher demand. Bitcoin, copper, and oil do a good job here as protection. On the other hand, gold is protection against bad inflation when supply declines, when there is a shortage of semiconductors and raw materials," Currie said for CNBC.
By: Olive J. - Gossip Whispers
