The bitcoin bump has turned into a beating – VICE News

Two of the most popular cryptocurrencies have a bit of a hangover after a wild weekend theyre only now starting to recover from.

Bitcoin and ether bothtech-based alternative currencies essentially crashed over the weekend before rebounding sharply on Monday, racking up the kind of gains in one day that normally takesix months or a year in the stock market.

Though no single news event drovethe last few days dramatic swings, a few occurrences, taken together, help explain the roller coaster.

But whatever causedthe weekends fluctuations, the markets stabilized on Monday. Ether rose almost 9 percent, while bitcoin gained 10 percent. Both, however, aretrading well below their June highs; ether is down almost 30 percent, and bitcoin, almost 60 percent.

On the bright side, early buyers of cryptocurrencies have still made a ton of money. Despite the recent downward trend, the price of bitcoin has still nearly tripled over the last 12 months, while ether is up more than 10 times its price a year ago.

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The bitcoin bump has turned into a beating - VICE News