But despite the recent downturn, many cryptocurrency bulls expect that institutional investors will pour into the market.
Here is a recap of the top five cryptocurrencies by market cap as of 3:30 p.m. EST:
|Cryptocurrency||Market Cap||Price||Change (24h)|
|Bitcoin Cash (BCH)||$11,346,976,706||$659.32||-5.49%|
Now here's a closer look at today's top cryptocurrency stories...
The Top Cryptocurrency Stories for June 29
- The price of Bitcoin has been struggling, and it could soon fall all the way down to $5,000 or lower. But at that point, it would be a screaming "Buy," according to Mohamed El-Erian, chief economic advisor at Allianz SE. During an interview with CNBC's Squawk Box, El-Erian said that there was a lot of value to be found if this selloff continues.
Stunning: New innovation will be like "adding twin turbos to the Bitcoin engine" - and could send its price to $100,000. Learn More...
- More than 1,000 cryptocurrencies are "dead projects," according to data collected by Coinopsy and Dead Coins. The two digital-currency trackers said that these projects lack any development or future activity in their protocol. The story gets even more compelling because some of these projects that successfully raised capital were obviously never going to get off the ground. Such "dead coins" include Snowballs, OreoCoin, and CryptoMeth.