After several weeks of selling, cryptocurrencies are finally seeing what could be a significant turnaround. According to a recent article from Forbes.com, Bitcoin crossed back above the $10,000 level as investor sentiment is once again on the rise. Recent encouraging price action may be just what the doctor ordered for the cryptocurrency markets, which had seemingly been searching for a bottom. Recent upside comes as stocks and other markets have been exhibiting increasing volatility, although stocks have put together several impressive winning days in a row following some recent routes that saw the largest recorded drop in the Dow Jones Industrial Average.
Markets have seen tremendous volatility in recent weeks. The crypto markets are not immune from wild swings in investor sentiment and appetite for risk, and many currencies have seen some wild swings in recent action. Investor desire for cryptos has faced some hurdles in recent weeks, as the notion of additional and ongoing regulation took a toll. Investors seem to be coming to grips with the idea of regulation, however, and having a regulated currency market may prove to be a good thing for cryptos in the long run.
The recent rebound in cryptocurrencies even has some analysts suggesting that new highs could be seen, and soon. A recent article by Reuters.com, stated that “Thomas Lee, managing partner at Fundstrat Global Advisors, sees a new record peak for Bitcoin by July, based on the currency’s 22 corrections since 2010.”
That’s quite the climb from current price levels just over $10,000, but if Bitcoin and other cryptos have shown anything this past year, it’s that they are certainly capable of rapid and significant moves higher. There are also numerous factors that could potentially contribute to higher prices. Stock market volatility, geopolitical issues and a weaker dollar to name a few.
Bitcoin: The king of cryptos saw a key rebound this week, and climbed back above the psychologically important $10,000 level. This currency dipped down below the 8k mark earlier in the week, before seeing a strong bounce to over 10k. Long-term investors likely feel that a bottom has been put in, and stepped in willing to buy the dip.
Bitcoin Cash: Bitcoin Cash is up over 10% in early trade Friday as the currency exchanges hands for over $1500. This currency has not seen as much volatility as some others, but has been trending higher as the week progressed. Recent gains can likely be attributed to improving overall investor sentiment.
Ethereum: This crypto has also seen buyers step in this week, although thus far it appears to end the trading week on a bit of a weaker note. The market dipped to less than $800, but has since bounced back to the $936 area.
Ethereum Classic:This crypto saws a dip down to $21 and change before buyers stepped in, taking prices to over $34. The market is taking a breather thus far on Friday, however, seeing a small decline that could potentially be attributed to short-term profit taking.
Litecoin: This crypto has had a very strong showing this week, as news of a possible fork have fueled investor interest. it has been reported that those holding Litecoin would receive 10 new tokens for each coin. The new currency would be known as Litecoin Cash and trade under the ticker symbol LCC.
Ripple: This crypto has also seen a rebound, and has followed many other cryptos higher this week. The currency made a low of less than $0.96, before climbing back to about the $1.14 level.
Although it is not clear just how high prices may climb, cryptos are still garnering significant attention from investors. These currencies have seen some solid buying on the recent dip, and could potentially return to previous highs or beyond. Markets may remain vulnerable to additional regulatory actions, however, and there could be further bumps in the road as they look to become more mainstream.
Many issues may keep interest levels high in the crypto markets. Problems such as sovereign debt, weaker paper currency values, geopolitics and overall market volatility may keep buyers looking for a reliable store of value that may potentially avoid the effects of higher inflation. Positive headlines in the crypto space may fuel additional buying interest, and another rapid run higher could be seen.
The recent slide in cryptocurrencies may or may not be over, but lower prices have not deterred investors from buying and potential investors from seeking to learn more about these forms of digital money.
In another sign that the cryptocurrency boom may be here to stay, some U.S. universities are now offering education about these forms of currency. According to a recent article by nytimes.com,
“Several top schools have added or are rushing to add classes about Bitcoin and the record-keeping technology that it introduced, known as the blockchain.
Graduate-level classes this semester at Carnegie Mellon, Cornell, Duke, the Massachusetts Institute of Technology and the University of Maryland, among other places, illustrate the fascination with the technology across several academic fields, and the assumption that it will outlast the current speculative price bubble.”
There is a key phrase in there: “The assumption that it will outlast the current speculative price bubble.” What does this mean? It means that some very bright minds believe that these digital forms of money are in fact here to stay, and that despite some expected growing pains they may become an important piece of the global payments system. As with any new technology, it is important to take a long-term view, rather than just examining the short-term profit potential.
The extraordinary price gains seen this year in some cryptos, such as Bitcoin, do have a “bubble” feel to them. That bubble, however, now appears to be working itself out, as prices have deflated sharply in recent weeks. The recent downside in values may actually be a good thing, and may allow for a more sustainable run higher in price.
The steep climb in prices was also likely a major factor in attracting more attention from regulators. It certainly appears now that additional regulation will be implemented for cryptos, but that regulation may be a good thing. Further regulation may clamp down on excessive speculation in the crypto markets, and may be very beneficial.
Bitcoin: This cryptocurrency saw declines from over $9000 to around $6000 this week, before seeing a powerful bounce. Buyers appeared comfortable getting long around $6000, and the market has since moved back up to the $8400 level. A further bounce higher in Bitcoin could potentially lead the entire sector higher next week.
Bitcoin Cash: This currency hit a bottom around $778 this week, before seeing a significant reversal. The market found willing buyers on the dip, and has since surged some 40 percent to around $1290. The strong rebound could potentially point to further upside next week.
Ethereum: This crypto saw steep declines earlier in the week, falling from almost $1000 to less than $600. Buyers liked the dip, however, and it has also seen a strong rebound from the recent lows.Like other cryptos, the notion of increasing regulation has weighed on the currency.
Ethereum Classic: This currency has seen price action from a l,ow of around $15 to a high around $25. This crypto appears ready to end the trading week on solid footing, near the week’s highs. A strong finish could possibly point to additional gains next week.
Ripple: This currency dropped from over $.90 to less than $.60 this week, before finding interested buyers. Like other cryptos, it has seen a strong rebound off the lows, and is set to finish the week on a strong note around the $.92 level.
Litecoin: This crypto has spent much of the week around the $150 level, although it did take a dip to less than $120 earlier in the week. The market does, however, remain in a downtrend on the long time frames, and may need to see a stronger rebound before attracting more buyers.
Cryptocurrencies are undoubtedly going through some growing pains. The recent ups and downs should not come as a surprise, however, and may simply be a necessary process as these currencies look to become more mainstream. Recent selling in these currencies, along with the subsequent bounce seen in many of them, would seemingly indicate that many investors are prepared to buy and hold these currencies for the long-run. That being said, the crypto markets may remain susceptible to further selling and even sharp rallies as investors attempt to make heads or tails of new regulations and market developments.
The fundamentals for the cryptocurrency market remain as strong as ever, and long-term, patient investors may potentially reap significant rewards as these currencies continue to take steps in the right direction.
Cryptocurrencies have had another tough go this week, as selling has once again intensified. In what may simply be nothing more than some expected growing pains as these currencies look to become more mainstream, traders and investors are trying to figure out what to make of the ongoing sell-off.
The idea of additional regulation of the cryptocurrency market is nothing new, but the notion seems to be causing some investors to think twice. In a recent article from Reuters.com, India was reported as having ” vowed to eradicate the use of crypto-assets, joining China and South Korea in promising to ban parts of the nascent market where prices have boomed in recent years.”
The idea of further regulation should not come as a surprise, however. Cryptocurrencies have exploded in popularity in recent years, with some seeing a very steep, parabolic rise in 2017. With more and more traders and investors looking to get in on the action, of course regulators will begin to take a closer look.
As the sell-off has intensified, cryptocurrencies have seen a significant drop in market cap. As reported in a recent article from Marketwatch.com, the cryptocurrency market has declined by $103 billion in just 24 hours. Given the recent selling seen in these currencies, a bounce back was imperative this week to stem the bleeding. Such a bounce back never came, however, and now these currencies could be in the midst of another leg lower in price.
Bitcoin: Bitcoin has been at the forefront of crypto news this week, and is seeing heavy selling again on Friday. Not only have prices fallen under the $10,000 level, but they dipped to just over $8000 at one point on Friday. The market is off its lows, however, and the selling may be subsiding for now. The market is, however, in a very clear downtrend on the charts and will need some substantial upside to undo the recent chart damage.
Bitcoin Cash: This cryptocurrency has also seen significant declines this week, trading as low as the $1000 level. It is also in a clear trend lower, and ending the week on a sour note could open the door to more selling early next week. Like Bitcoin, however, it has managed to bounce from the lows seen earlier in the session.
Ethereum: This crypto has dropped from over $1200 to less than $800, and is also seeing heavy selling pressure on Friday. It did see buyers step in around the lows, a level which also saw buying interest back in January.
Ethereum Classic: The classic is not seeing much interest this week either. This crypto declined from over $32 to less than $20, before bouncing back up to the $22.50 level. Also in a strong trend lower, this crypto may need to see some serious buying come in to stop the onslaught.
Litecoin: This crypto is off some 10 percent on Friday, and also stands to end the week on the wrong foot. Like other currencies, the notion of further regulation has hit the currency hard, and it is in the grips of a firm downtrend. This crypto could potentially see a further dip down towards the $80 level before finding serious buyers.
Ripple: This crypto is back under the $1.00 level, and has also seen the effects of widespread selling in the crypto market. Currently valued at around $.85, it could fall even further before all is said and done. With no real previous price support levels, the market could even fall to a quarter or less before buyers are willing to step in again.
Any way you slice it, this week has been a tough one for cryptos. It may, however, also provide some fantastic opportunities for the long-term investor to buy currencies at what could turn out to be fire-sale prices. These markets are vulnerable to further regulatory action and will certainly have their share of headlines in the financial media. This could be a good lesson for investors, however. To reap the potential benefits that these currencies may eventually offer, you might have to be willing to tolerate some ups, downs and market volatility along the way.
Although cryptos remain on the defensive, that tide could turn quickly and significantly, and those who step in at current levels could potentially be rewarded over the long-run.
There is never a dull moment when it comes to cryptocurrencies. The past week saw a lot of news regarding these markets, and recent price volatility remains elevated. That being said, cryptos may have reached a near-term bottom, and long-term buyers could potentially consider current price levels very attractive. Some of the larger currencies, like Bitcoin, may need to see a substantial bounce higher soon, however, or another large wave of selling could fuel another significant decline.
One of the biggest issues potentially facing cryptocurrency markets and investors is the possibility of further regulation. Some areas, such as South Korea, have already begun the process of regulating exchanges, and more guidelines will likely be seen. A recent Businessinsider.com article discussed this topic at length, specifically about new developments in Russia and the U.K. Regarding Russia, the article stated that:
“The country’s Finance Ministry has been working on regulations for cryptocurrency transactions that would also extend to initial coin offerings (ICOs). The government stance on cryptocurrencies is ever-changing in Russia, with the Finance Ministry previously planning to make cryptocurrencies illegal back in 2014, and other government bodies continuously voicing concerns. Having regulations in place would allow Russia to tax cryptocurrencies, while also likely reducing the risk of fraud.”
As for the U.K., it said:
“At the World Economic Forum’s annual meeting in Davos, UK Prime Minister Theresa May spoke out about cryptocurrencies, urging governments to take them very seriously. Additionally, she said companies involved with cryptocurrencies should focus on the issue of social responsibility, especially in terms of terrorism financing. This is in line with previous warnings by UK regulators on cryptocurrency-related activities.”
In a recent article from CNBC.com, former SEC Chairman Harry Pitt suggested that the agency is getting ready to crack down on cryptocurrencies. He was quoted as saying: “We’re in line for some serious regulatory responses to all of this and that will be forthcoming after the first of the year.”
The attention these currencies are getting comes as no surprise, and additional regulation-to some degree-is to be expected. Tighter regulation is not, however, likely to deter buyers as they see the long-term potential of this form of money.
Bitcoin: Bitcoin is still on the mend following the heavy selling seen in recent weeks. The market stayed fairly range-bound, moving from $10,500 to $11,500 for much of the week. Although it appears to have stopped the bleeding, it needs to see a bounce higher before too long or it may remain vulnerable to another sharp sell-off.
Bitcoin Cash: This crypto declined from the $1800 level to a weekly low around the $1500 level. It has shown a bit of buying interest since, however, and is nearly $100 off the lows heading into the weekend.
Ethereum: Ethereum had a good amount of price volatility this week, dropping from over $1140 to a low around $920. This crypto has seen some solid rebounding, however, and has climbed back towards the $1046 level in action on Friday. This could be due to willing buyers taking advantage of the recent dip.
Ethereum Classic: This cryptocurrency declined from over $35 to less than $27.50. Like its counterpart Ethereum, however, buyers seem to have stepped up and price is now back near $29 in action on Friday.
Litecoin: This crypto saw declines from over $200 to $168, and is trying to bounce but not making much headway thus far. Trading around $175 on Friday, this currency is ending the week on a weak note, and could see further selling next week.
Ripple: Ripple has declined by some $.30 on the week, and has been trending lower. The market has been finding some buying interest around the $1.20 level, however, it has not yet seen a much-needed bounce higher. Going into the weekend on a week note could also point to further selling next week before the market finds more stable footing.
Cryptocurrencies have seen some significant declines in recent weeks, but appear to be in a bottoming process. Investors may also be taking a wait-and-see approach, as the notion of additional regulation could potentially have an impact on how these markets are traded. The next several weeks are likely to be exciting for these markets, and the potential for a sharp, broad-based rally cannot be ruled out.
This week has been a tough one for the cryptocurrency markets, as these currencies face what could be their first significant test. Many cryptos declined well into double digit territory this week, and several have thus far not been able to make a substantial bounce. Prices do, however, appear to be trying to stabilize after this week’s multi-day rout.
According to a recent article by marketwatch.com, cryptos were sold off this week primarily due to the notion of South Korea and China both clamping down on crypto trading, with some even suggesting the possibility of the countries even banning trading of crypto.
According to the article, the head of the South Korean Financial Services Commission told parliament this week that the government may close “all local virtual currency exchanges or just the ones that who have been violating the law.”
Also in the news this week was more discussion of additional crypto-based financial products. A Wall Street Journal article discussed some of the potential issues. The SEC sent a letter to Wall Street trade groups this week, highlighting its views on the trading of cryptos. The regulatory body expressed concern over market volatility, lack of liquidity and investor protections, and seemingly shut the door on the idea of crypto-based ETFs or other related products-at least for now.
This should really come as no surprise as these currencies become increasingly popular. With that rising popularity, regulators will likely to continue to monitor the markets carefully and may even look to put additional regulations into place.
Bitcoin: Bitcoin really took it on the chin this week. The currency declined from well over the $14,000 level to under $10,000, and has since seen a bit of a bounce, trading for around $11,500 as of this post. This market needs to see a more significant bounce very soon, or more selling could take place dragging prices sharply lower once again.
Bitcoin Cash: Bitcoin Cash did not have a good week either. This crypto saw prices decline from almost $2,600 to under $1,400. Like Bitcoin, the selling was driven by the notion of increased regulation and the potential for exchange shutdowns.
Ethereum: Ethereum did not do any better this week, seeing sharp declines during the week as more news broke. The market does, however, remain in a firm uptrend on the daily chart, and buyers could potentially look to step in en masse after this week’s selling.
Ethereum Classic: Ethereum Classic dropped from around the $42 level to less than $24 before seeing buyers step in. The market has seen a sizable bounce from this week’s lows, and is currently trading for almost $33. The daily chart for this crypto does not look as encouraging, and more selling could potentially do significant chart damage.
Litecoin: Litecoin also succumbed to the selling pressure this week, although it’s sell-off was considerably more muted compared to other currencies. The market has been trading right around the $200 level the last few days, and like other cryptos, may need to see more buying come in to avoid another large scale sell-off.
Ripple: Ripple had a crazy week! This currency declined from over $1.80 to less than a dollar. The market had no trouble finding investors willing to step in, however, and has seen a massive bounce back to the $1.64 area. The currency saw extreme volatility this week, and part of that volatility may be due to the relatively low value of Ripple.
The next week or two may be very significant for the cryptocurrency markets. If more buyers do not step into these currencies-and quickly-another rout could potentially be seen. In addition, these markets will remain vulnerable to fresh news-especially regarding regulatory affairs-and could see heightened volatility as they become increasingly popular and trading volumes increase.
South Korea, China and Russia may all be special areas of concern for the crypto markets, as all have expressed concerns over trading and the desire for increased regulation. This trend could potentially spread, and more nations could scrutinize crypto trading. While regulation could potentially have a large impact on active trading, it may not, however, do much to dissuade long-term investors looking to capitalize on the potential of these markets.
Cryptocurrency fever continues to gain steam, as more companies are jumping on the bandwagon or expressing interest in getting involved with the technology.
This past week, Kodak announced it would introduce its own cryptocurrency, called KodakCoin. According to Businessinsider.com, the announcement was behind an explosion in the stock price, fueling gains on the day of over 70%. The new digital currency from Kodak is intended to assist photographers with image rights management, and shows yet another way in which cryptocurrencies may prove useful to all areas of modern industry. Other arenas, including cannabis, poker and even iced tea have also made moves to get involved in blockchain technology. This has caused some significant spikes in the share prices of related companies.
In other major headlines this week, South Korea is reportedly considering a ban on cryptocurrency trading. Such discussions have been met with a fierce backlash from market participants and investors. Clearly the government is concerned about the notion of cryptos becoming market bubbles, and the potential repercussions that could be seen by such market behavior. Whether or not markets like Bitcoin have in fact reached bubble status is highly debatable, but even if prices do cool off it seems that such technologies are here to stay. In addition, given the substantial and rising popularity of cryptocurrencies, it seems that it would be very difficult, if not impossible, for governments to eliminate all trading in these products.
Bitcoin: Bitcoin had another interesting week. This crypto has been in a short-term downtrend, and prices have been consolidating between $13000 and $14000 throughout the week. The larger time frames tell a bit of a different story, however, as recent selling may prove to be nothing more than a decent pullback within a long-term uptrend. Buyers have shown up to stop the selling thus far, but it may become increasingly important in the coming sessions to see further upside.
Bitcoin Cash: Bitcoin cash saw a sharp drop from near the $3000 level, as the news out of South Korea weighed heavily on many cryptos. The market has once again apparently found price support and willing buyers in the $2400-$2600 range, and is currently near the upper end of that support band.
Ethereum: Ethereum has maintained a fairly tight trading range from just under $1200 to almost $1400. This crypto did not take a significant hit on the South Korea news like some other cryptos, which could potentially be construed as a sign of underlying strength. The longer it moves sideways, the more significant a price breakout could be in either direction.
Ethereum Classic: This currency also saw some selling pressure this week, but has been met with willing buyers in the $32 area. Despite some recent downside, the uptrend in this crypto looks good and intact, and higher prices could potentially be seen in the near future.
Litecoin: Litecoin had a very lackluster week, moving sideways most of the week around the $250 level. The market did take another dip lower later in the week, however, and is poised to finish the week on a weak note. As of this post, the currency is down over 3% on the day.
Ripple: After breaking out to over $3.00, Ripple has seen some significant selling, taking prices as low as the $1.60s. This market was also hit hard by the potential ban in South Korea, and perhaps also saw a little too much upside too fast to be sustainable. Prices have been rebounding, however, and the currency is firmly back above the $2.00 level early Friday.
The next few weeks could be very exciting for the cryptocurrency markets, as more companies and prominent investors could look to get involved. Despite any market volatility and the potential for regulation, these forms of money appear to be gaining in popularity and are becoming more widely accepted. Any additional derivatives products designed to track these currencies could fuel further speculation and investor interest. Not only that, but there is the possibility that other financial products designed to track the cryptocurrrency markets, such as ETFs, could be explored.
With more companies looking to get involved with the technology, its acceptance is likely to grow substantially. All of these developments could potentially fuel higher prices in the months and years ahead.
This week has been an exciting one for cryptocurrencies, with Ripple making fresh all-time highs and Bitcoin possibly recovering from its most recent pullback.
The cryptocurrency market continues to draw both interested market participants as well as more critics. It was reported on Friday that Facebook Chief Executive Officer Mark Zuckerberg had some seemingly positive things to say about cryptocurrencies. Comments from the chief of the mega social networking site could potentially give Bitcoin and other cryptos a boost. Zuckerberg is yet another major executive to speak positively about the technology, in what could be another sign of the market’s tremendous potential.
When discussing some of the issues that have been faced by his company , Mr. Zuckerberg was quoted in a Bloomberg.com article as saying “There are important counter-trends to this -encryption and cryptocurrency-that take power from centralized systems and put it back into people’s hands. But they come with the risk of being harder to control. I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services. ”
It is quite likely that more and more tech and financial services executives become interested in cryptocurrencies, and discussions of these payment methods becoming far more mainstream are likely to increase.
As they become more popular, cryptocurrencies may also garner more attention from regulators as well. Last week, we discussed how South Korea was imposing new regulations on cryptocurrency trading, and other governments could potentially follow suit.
Bitcoin: Bitcoin remains the center of attention in the cryptocurrency market, however, some other cryptos have also been garnering a lot of attention. Bitcoin has had a monster week as it came roaring back from the latest sell-off. The currency traded as low as $12,000 and change, and has since bounced back to trade well over the $16,000 level.
Bitcoin Cash: After spending part of the week around the $2400 level, this crypto has also seen some buying interest as the week wore on. The currency is having a strong close to the week on Friday, trading for over $2520, an almost three percent rise on the day.
Ethereum: This cryptocurrency was trending higher for most of the week, although it is seeing some selling pressure on Friday. Although it may be a little surprising to see it losing ground when some other cryptos are seeing good gains on Friday, it is quite possible that some traders and investors are simply taking some profits. The currency topped the $1000 level for the first time in its history, and is the third largest cryptocurrency by market capitalization.
Ethereum Classic: Like its counterpart Ethereum, Ethereum Classic is also seeing some selling to end the week. The market spent most of the week in a fairly tight trading range, in the area of $32-$36. Despite a recent pullback from over the $40 level, the market does remain in an uptrend and buyers may come in again and buy the dip.
Ripple: This cryptocurrency has been on fire, and has recently made a fresh all-time high over the $3.00 level. The market is also seeing some selling on Friday, which does not come as much of a surprise given the recent upside seen. Ripple is still above the $3.00 level, however, trading at $3.09 Friday afternoon for a drop on the day of nearly 10 percent.
Litecoin: Litecoin also spent much of the week trading mostly sideways. The market has been oscillating between $225 and $255, and it looks set to end Friday on a good note, up over four percent at $248 or so.
The cryptocurrency market continues to attract fresh traders and investors, and that trend is not likely to let up anytime soon. Cryptos have been dominating much of the financial media, and there is rampant speculation about how these currencies may play an important role in the years and decades ahead.
Some analysts have even suggested that cryptos could somehow replace other traditional asset classes such as gold and silver. Cryptocurrencies could very well become a more widely used and trusted store of value, although they are still in just the very early stages of possibly doing so. Becoming more widely accepted may take time, and it appears that many investors are more than willing to take a wait and see approach to these new and exciting markets.
As cryptocurrencies gain in popularity, more and more investors have been looking to participate in this exciting market. The crypto market has seen some volatility, and that is to be expected as they look to gain prominence and become more mainstream.
Dominating much of the crypto headlines this week was the decision by South Korea to implement new rules regarding trading in cryptocurrencies, and even the possibility of shutting down some exchanges. One of the primary components of the new legislation is a ban on anonymous cryptocurrency accounts set to begin next month.
Currently, only a name and email address are required to start trading cryptos, although larger sums require additional documentation. In an effort to curb potential money laundering, the country is set to implement “know your customer” rules designed to prevent illicit transactions. It was reported that the South Korean Justice Ministry was even considering shutting the nation’s cryptocurrency exchanges down, although further details as to how or when such a move could take place have not been provided.
This is an important piece of news, as South Korea has the third largest cryptocurrency market after the U.S. and Japan. The rules to take effect may also be designed to curb widespread speculation in cryptos. Investors and traders have been piling into the currencies, and while they may potentially present an excellent long-term investment opportunity, they also come with risks and the potential for ongoing price volatility. As discussed in a recent article from Reuters, new regulations are not likely to slow down buying in the crypto market.
Bitcoin: Bitcoin remains the most popular cryptocurrency, and the news out of South Korea did have a significant impact on prices this week. The currency dropped double digits percentage-wise following the news, although it has since recovered a substantial amount of ground. Volatility is nothing new for the currency, and thus far investors have been happy to step in and buy any significant dips in price. In addition, after a run towards the $20,000 level, some profit taking and year-end selling comes as no surprise.
Bitcoin Cash: Bitcoin Cash was also affected by the news and took part in the broader crypto sell-off. Prices have been trending lower this week, although the market is seeing buyers step in late in the week.
Ethereum: This crypto also saw some selling pressure this week, although it was short-lived. The market took a dip all the way down to the $600 level, and has since seen buying taking it back towards the $750 level. As of early Friday, it is up over $116 on the week.
Ethereum Classic: This cryptocurrency has also been on the defensive this week, falling from over $34 to the $28 level. It seems to have found willing buyers, however, and is poised to end the week on a stronger note trading back over the $30 level as of early Friday.
Ripple: This crypto has had a very strong showing this week, and continues to gain ground both in price and interest. After trading for under $1.00 earlier this week, the currency is trading at $1.78 early Friday and is in a strong uptrend. Like other cryptos, the currency may see ongoing inflows as investors look to add and diversity away from Bitcoin.
Litecoin: This crypto also had a tough go this week, declining from well over the $300 level to a low of less than $240. The market seems to be finding willing buyers around that level, however, and could potentially see a significant bounce in the sessions ahead. Like other cryptos, Litecoin could also stand to benefit from further profit taking and price volatility in Bitcoin.
While all of these cryptocurrencies have exhibited some price volatility, that should come as no surprise. As this asset class gains momentum and more investors look to get involved, higher prices could be seen by sizable dips. Long-term players may look to take advantage of those dips, however, and they could potentially present an excellent long-term value for the patient investor.
More rules and regulations could potentially become a hot topic for the crypto market, and these currencies could see some knee-jerk reactions to further announcements regarding any legislation. That being said, it does not change the outlook for them as a viable means of payment and store of value. In fact, they are likely to keep growing in volume and overall market capitalization, and could become far more mainstream in the New Year.
Welcome to our first post on the CryptoIRA.com blog. The intention of our website is to inform investors about the options for investing in cryptocurrencies within an IRA or 401(k). This blog specifically will keep visitors informed on the latest happenings in the cryptocurrency space, including price movements, industry developments, and more. We look forward to keeping you informed and helping you meet your investment goals.
Throughout 2017, cryptocurrencies have had a wild, and very profitable, ride. Bitcoin has blasted through several price levels, including $1,000, $10,000, and even $15,000 of late. The future looks bright with Bitcoin futures contracts launching in the coming weeks, allowing institutional money to flow into the space for the first time ever. Analysts predict cryptocurrency ETFs are likely to win approval next year, encouraging more investor flow into the space.