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.