Cryptocurrency markets showing strong recovery
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
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.
- SEC crackdown on Binance, Kraken – What it means for Aussie investors
- Sam Bankman-Fried found guilty – what it means for Australian FTX victims
- Bitcoin’s price soars over 10% on ETF rumours – here’s why
- New regulations for Aussie crypto exchanges: What it means for investors
- Sam Bankman-Fried’s FTX trial starts tomorrow – what it means for FTX customers