Bitcoin and Ether Gain 20% and 30% Respectively, While Ripple Bounces Back Almost 70%

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by Sofiko Abeslamidze · 3 min read
Bitcoin and Ether Gain 20% and 30% Respectively, While Ripple Bounces Back Almost 70%
Photo: Britt Reints / Flickr

Two major cryptocurrencies show the signs of recovery after last-week’s market crashdown. The third largest, Ripple, also gains pace with 68% growth.

Following the news from the South Korea about cryptocurrency ban, which later turned out to be a false alarm, investors sighed with relief and resumed trading making the market indicate a positive momentum for all existing altcoins.

On 18 January, Bitcoin, which has exhibited dramatic fall of almost 50% from its December high, now is trading for $11,924.20 per token.  Given that on Wednesday’s morning the Bitcoin price was as low as $9,199.59, current surge is quite promising and significant.

Ethereum on the other hand dived below the $800 mark to a three-week low of $780.92 Wednesday.  However, at the press time its price has lifted to $1,082.02, gaining 31.35 percent in the last 24 hours, as per the data provided by CoinMarketCap.Com.

Ripple’s XRP rockets to $1.61 per coin. The digital currency — which is blamed by crypto enthusiasts for being backed by big banks — shows about 70 percent increase within last 24 hours.

However, the newly high gyrations of cryptocurrency market give an excuse to sharp critical judgments related to the economical bubble ready to burst. Experts and analysts, who used to treat altcoins with skepticism, now take a chance to exempt investors from cryptocurrency frenzy.

The situation becomes worse due to the frequent cases of government invasion into crypto community. By examining crypto traders and controlling cryptocurrency transactions, authorities claim that their actions are aimed to prevent illicit activity frequently embedded within crypto exchanges. According to recent statement of US Treasure Secretary, the US government only starts to adjust to the crypto innovations and the restrictions are needed just to control the members of the ecosystem.

Charles Hayter, CEO of digital currency comparison site CryptoCompare, said in his interview to CNBC:

“This (cryptocurrency) market is now big and governments are sensing revenue for the coffers as well as a threat in some degrees. This will catalyze regulation where regimes who legislate severely will balkanise themselves to the industry.”

In essence, Mr. Hayter has expressed positive attitude towards regulating of crypto economy, stressing “it will be good in the long run as the masses will be sure they are protected.” At the same time he warned  that”unnecessary hoops and bureaucracy” could inhibit the industry’s potential.

Off regulatory issues, BitConnect, which was on a very long losing stick, now has surprisingly grown in its price right after the developer’s team has announced the shutdown of their lending and exchange platform. In the statement BitConnect has informed the members of their community that they are “closing the lending operation immediately with the release of all outstanding loans”.

Following the announcement, BitConnect increases by 410 percent and now solidly climbs to $43 benchmark.

Altcoin News, Bitcoin News, Cryptocurrency news, Ethereum News, News
Sofiko Abeslamidze

Sofiko is a freelance fintech copywriter at Coinspeaker. With a Bachelor degree in International Business and Economics, Sofiko has been deepening her knowledge of an agile innovative industry primary focusing on the robust blockchain technology and cryptocurrencies. As a bank employee, Sofiko particularly keens on crypto and blockchain integration into the established banking systems.

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