Cryptocurrency markets showing strong recovery

James Edwards 18 January 2018 NEWS

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Prices on most coins were up after yesterday's sudden correction.

All bar four of the top 100 coins have rebounded and are back up in price this morning, shaking off the slump that occurred yesterday, according to data from CoinMarketCap,

Bitcoin was up 5.68%, returning to US$11,488, while Ethereum posted a similar gain of 5.96%, to sit at US$1,036, and Ripple posted an overdue gain of 18.59% to return to US$1.28 after struggling particularly hard over the past week.

Even larger gains were witnessed amongst some of the largest market cap coins. Of those in the top 25, the biggest gains were seen across:

  • TRON, up 65.91%, trading at US$0.08
  • Siacoin, up 47.76%, trading at US$0.05
  • Lisk, up 25.22%, trading at US$23.90
  • Stellar Lumens, up 25.73%, trading at US$0.49
  • NEM, up 19.95%, trading at US$1.04
Such price fluctuations are gradually becoming the norm in cryptocurrency. December saw bitcoin crash from its all-time high of US$20,000 down to US$14,000 in just one week. January appears to be a particularly volatile time for the currency, with historical charts showing that previous years have witnessed sudden price dives of -35% in 2017, -19% in 2016, and -30% in 2015. Strong rebounds such as those seen today are also appear to be cyclical, with the same data revealing bitcoin returning to close-to or above, post crash levels within a month of each January dive.

Coin prices are likely to continue to fluctuate as a series of technological advancements and partnerships launch in 2018. The Lightning Network plans to make bitcoin transactions faster, and make spending it as fluid as fiat currency. Sidechains are also being explored, which will allow for new features to be added to the blockchain.

Ethereum is due to release its Casper upgrade sometime this year, with the test net already being deployed. Casper will change the Ethereum blockchain, taking it from Proof-of-Work to a more sustainable consensus method called Proof-of-Stake.

Ripple looks set to continue its streak of strategic partnerships, with the latest announcement that MoneyGram will trial using its XRP token in payment flows.

Disclosure: At the time of writing, James Edwards has holdings in ETH, ICX, NEO, AION, QASH, ADA, LINK, XMR, XRP, XLM, IOTA, OMG and TRX.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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