Bitcoin Recover after Shortly Sliding into Correction Territory

Bitcoin and Bitcoin Cash prices regained footing on Tuesday, while its peer ethereum continued to be pressured, further sliding from recent record-highs.

Bitcoin rallied by 2 percent on the day at $4,139.87 after falling to as low as $3,687 in morning trade. During session lows, the digital currency has briefly fallen into correction territory. This is defined by analysts as a 10 percent or steeper decline from a recent record level in an asset.

The cryptocurrency skidded to $3,687 earlier on the day, denoting a 16.7 percent drop from its mid-August record of closing above $4,425, according to Coindesk.com. At its current trading levels, it is 8 percent lower from its peak level.

The ethereum's ether token declined, climbing down from a recent peak, falling 0.5 percent at $322.33 on the day. It hit a record high in mid-June at around $380 per token. Industry experts tried to downplay the decline across digital currencies, as the drop is mainly seen as due to profit-taking.

The trend in bitcoin price comes as the industry found a resolution for the so-called scaling issues, enabling bigger transaction sized in the blockchain network.

Prime News are provided by InstaForex