Cryptocurrency Market Rebounds Within 24 Hours, Ethereum, Bitcoin Cash, Litecoin Rally

Within merely 24 hours after experiencing a major correction during which every single cryptocurrency in the market plunged in value, the cryptocurrency market has completely recovered.

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Speedy Recovery

The market valuation of cryptocurrencies surged from $480 billion to nearly $600 billion, to the point before the correction on December 21.

Today, on December 23, all cryptocurrencies in the market from bitcoin to the top 100 cryptocurrency have surged in value. Specifically, Bitcoin Cash recorded the largest gain in the top 20 cryptocurrencies with a 52 percent overnight price increase.

Others including bitcoin, Ethereum, Ripple, Litecoin, Cardano, and Dash have all increased by more than 20 percent.

On December 22, prior to the recovery, several analysts including Alan Silbert and Robert Reid noted that throughout 2017, the price and market valuation of bitcoin have fallen by more than 30 percent on six occasion. After each correction, bitcoin recorded a significant gain in value.

 

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Cryptocurrencies with the biggest daily gains in the top 20 rankings are Verge, Bitcoin Cash, Monero, with 176 percent, 52 percent, and 41 percent increase in value respectively.

Max Keiser, a highly regarded financial analyst and bitcoin expert, also noted that with the current momentum, bitcoin will initiate a new rally and surpass through $20,000 with ease in the short-term.

Sharing the chart below, which has been an accurate demonstration of the bitcoin price and the value of almost every cryptocurrency in the market to date, Keiser stated, “this is still true. This chart pattern will take us to $100,000 #bitcoin. Fiat currency is a barbarous relic,” expressing his optimism in regards to both the short-term and long-term price trend of bitcoin.

Where Does Cryptocurrency Market Go From Here

For many months, analysts have expected the price of bitcoin and the valuation of the cryptocurrency market to surge during the holiday season, around Christmas and new years. With Christmas Eve approaching, analysts believe that the price of cryptocurrencies will increase rapidly as new relatives, friends, and family members become introduced to bitcoin and a new asset class in cryptocurrencies.

Already, with less than 24 hours left to Christmas Eve, the cryptocurrency market has demonstrated a speedy recovery and a rapid surge in valuation. From December 25 to January 1, analysts see the valuation of cryptocurrencies rising further.

In several leading markets such as Japan and South Korea, investors have already started to invest in cryptocurrencies with high premiums. On Bithumb, South Korea’s leading cryptocurrency exchange, bitcoin price is at $17,600 and the price of Bitcoin Cash is nearing $4,000.

In the upcoming days, the cryptocurrency market will likely demonstrate optimistic signs of growth and recovery, as the demand for bitcoin and other leading cryptocurrencies continue to surge rapidly.

Fundstrat’s Tom Lee stated:

“We are buyers of bitcoin on this pullback. The intrinsic/fundamental value of bitcoin has risen in the past month given the surge of new wallets and hence, explains the rise in our short-term target price.”

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Ripple Price Swims Against the Raging Crimson Tide

The ripple price posted a solitary advance on Friday as the wider cryptocurrency markets plummeted by a combined $125 billion.

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Ripple Price Fights Against the Crimson Tide

Traders woke up to a sea of red on Friday, and virtually every top-tier cryptocurrency saw its price crash by more than 20 percent against the dollar. However, there was one notable exception.

Ripple, the fourth largest cryptocurrency, managed to post a 24-hour increase of two percent against the dollar, although it had ebbed from the record high it set on Thursday afternoon. At the time of writing, the ripple price was trading at $0.95 on Bitfinex, struggling to tread water as the storm raged across every other corner of the market.

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Ripple’s USD, BTC, and USDT markets have all dropped below the dollar mark, but Bithumb, Coinone, and Korbit — South Korean exchanges — continue to price it at a premium of approximately 25 percent. In Korea, XRP is trading at an equivalent price of roughly $1.24 against the won — a full 30 cents over Bitfinex’s XRP/USD pair.

Factors & Outlook

As CCN has reported, ripple has traded up in recent months in response to a number of bullish announcements, including partnerships with American Express and prominent Asian banks.

However, its resilience in the face of Friday’s severe market correction may be a product of the rumor— as yet unsubstantiated — that Coinbase is preparing to add full support for ripple in the coming days. Now that Coinbase has added bitcoin cash, many investors believe ripple is the most likely candidate to become the fifth coin to be added to the trading platform.

However, as today’s market retrace has demonstrated, Coinbase integration does not necessarily ensure a sustained rally. The crash dealt bitcoin cash a 33 percent blow, according to the CCN price index, forcing the third-largest cryptocurrency’s price down to $2,349.

Bloody Crypto Christmas?… Calm Down. It’s a Correction, Not a Crash

You probably woke up this morning to a portfolio streaked in red, and you likely came to the logical conclusion that the market is getting massacred at the moment.

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Congratulations, you’d be right.  If you’re a veteran investor, this is par for the course, another adrenaline-inducing day in this amusement park we call a market.  If you’re new to the game, you might regret investing in that magic internet money your coworker used to pay off his mortgage.  Either way, there’s little reason to panic, and there’s even less of a reason to be surprised.

Yesterday, the cryptocurrency market topped-off a few bucks shy of a $650bln total valuation.  This all-time high had crypto’s market capitalization up from $250bln back in the 21st of November.  That’s a 159% increase in only a month.  To put this into perspective, the United State’s stock market took a full year to increase 8% in total market cap between 2015-2016.

This correction is long overdue.  The market’s been riding on the back of a gold-studded bull for the past two months, so it’s only natural that a bear has snatched it up in its bloody clutches.

Besides, this bloodbath is nothing we haven’t seen before.  Back in September, the crypto market fell into a bearish slump after a bullish frenzy in August.  Bitcoin and Ethereum both lost around 40% and 50% of their respective values in two weeks, and Litecoin fell its own gut-punching loss of 50% over a matter of days.  From these ashes, however, the market rose to the highs we just experienced.  It wasn’t doomsday, just the fallout of a booming summer.

Granted, this blindside correction has Bitcoin down nearly 50% from 5 days ago, an unfortunate departure from its all-time high of $20k.  But the healthier the prosperity, the harsher the correction, especially at a time when institutional adoption is on the rise.  In December alone, we’ve seen the inauguration of Bitcoin futures, doors open for cryptocurrency ETFs, and policy makers scramble to accommodate crypto into formal regulation.

Bitcoin and friends’ gains over the past month have run alongside a triage of attention from global governments, the general public, and legacy financial institutions.  The same factors that slung the market to the stratosphere are likely the same tethers dragging it back down to earth.  But these catalysts of success and disaster, of investor ecstasy and despair, are the very stimulants that will sustain crypto in 2018 and the years to come.

Cryptocurrencies have too much momentum going into the new year for this to be its coup de grâce.  Let alone Bitcoin’s attraction as a financial assets, but many platforms and currencies are pioneering enterprise solutions that businesses have started to adopt.  Blockchain adoption is waiting patiently on the international stage’s doorstep, and come 2018, a slew of mainnet and product launches will only push crypto further into the public and corporate folds.

If you just bought in at an all-time high, my sympathies, friend.  It’s a tough first correction to stomach, and so far, it’s been a long way down.  But don’t fill those sell orders just yet.  This bubble’s got plenty of room left to grow before it grows anywhere close to the $2.9 trillion burst that crashed the dot.com craze.

So stop refreshing your portfolio, make a cup of hot cocoa–hell, add some peppermint schnapps if you need to–and go enjoy your holiday.  The market may continue bleeding yet, but once the scrapes and bruises heal, it’ll come back stronger than before.  Just hunker down, relax, hold, and we’ll see you in 2018.

Ripple

XRP, Ripple’s native currency, has taken the banking world by storm, soaring from under $0.01 to $0.79 a coin in under a year, with it currently worth around $0.73. But why did its value suddenly increase by 4300 per cent?

How does Ripple work and are there any risks?

Ripple acts as a payment network, RippleNet, and a cryptocurrency, Ripple XRP.

The platform makes it easy to transfer almost any currency to almost any other currency in the world in no longer than four seconds.

Currently, Ripple is focused on working with banks and other institutions in a bid to offer an efficient and cost-effective way of sending real-time payments around the world.

Using Ripple, if one wanted to transfer currency directly from China to the USA, they can trade CNY to XRP, (Ripples currency), and then send XRP to the recipient who will have an online Ripple wallet or a bank in the USA. From there, they can trade the XRP back into USD.

In comparison, transactions on Ethereum can take more than two minutes, and on Bitcoin payments can take more than an hour to be processed.

Ripple claims banks can save an average of $3.76 per payment using their network.

Since XRP only works directly with banks, the budding cryptocurrency is set to focus on developing networks to benefit finance corporations.

Although critics have questioned why the platform now focuses exclusively on banks, because it was launched to help everyday people make global transactions much easier.

But Ripple can appear risky. It’s open nature means nodes are vulnerable to attack, which could leave users unable to access their accounts.

Its technology is still in its infancy, so this means Ripple is subject to competition, and innovation.

Why has the cryptocurrency XRP spiked?

Ripple soared by 46 per cent on December 15, reaching a new record high of 0.8051, CoinGecko reported.

XRP reputedly gained such a boost in its value because Bitcoin’s continued growth has benefited the entire cryptocurrency market.

The global market is currently valued at around $488billion, Bitcoin accounts for less than 40 per cent of the daily turnover and Ripple accounts for a minor 4 per cent.

But experts believe it will enjoy a larger boost in value in 2018.

XRP also enjoyed a surge because of its new partnership with credit card company American Express, who are looking to offer instant block-chain based payments.

How to buy XRP

Ripple can be easily purchased using other cryptocurriencies like Bitcoin.

It is available on Bitstamp, where users can purchase them with their local currency.

Using an online wallet like GateHub, XRP can be stored in an online wallet. This will allow them to make purchases and even send XRP to other Ripple users.