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After a terrible last week Bitcoin and Cryptocurrency market rebounds

Jan 18, 2018 Posted /  7381 Views

After a terrible last week Bitcoin and Cryptocurrency market rebounds

Until yesterday all the cryptocurrency market was bathing in a red blood and everywhere there were red markings. All the top 100 cryptocurrencies were plunging and investors were trying to find out whether to buy dips or not. However, after falling majorly from last two days as the talks of South Korean and Chinese bans shook the market, now the market is recovering again and finally, we can see the green signals.

According to the figures provided by Coinmarketcap, Bitcoin has rebounded again to $11,385 after falling to four-digit figures suggesting a continued volatility in the cryptocurrency space. The price of bitcoin has added some 1500 dollars in less than a daytime rising about 2.14% in a 24-hour period. Moreover, Ethereum has also gained some 2.34% and is finding support at $1,015, as it was anticipated that it would soon be back in the four figures.

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Furthermore, Ripple which plunged extremely low last week and was feared to lose all its profits have started retracing again. The currency has soared 21.19% in last 24-hours and is currently standing at a price of $1.44(at the time of writing). Along with Ripple- NEM, Cardano and Stellar from the top 10 currencies chart have gained the maximum. NEM had dropped just for some time and was the only currency to gain steadily while all the other currencies were majorly going down.

However, the Bitcoin is still roughly down by 20% this year to date with hacks, scams and regulations worrying some of the major exchanges in the world. In fact, a popular exchange platform BitConnect shocked its investors on Wednesday when it announced closing down of its operations. It is now being speculated by the media that BitConnect could, in fact, be a big scam. On the other hand, even South Korean legislators have not completely dropped down the idea of banning cryptocurrency exchanges. Additionally, China is on a mission of shunning all apps with an exchange like services as it declared restriction on bitcoin mining owing to great energy consumption.

The reports by Bloomberg media suggest that the Lunar New Year (between late January and early February) can be considered as one of the reasons that Asian investors might be trading in the cryptocurrency. Interestingly, Asian investors are regarded as the major players in the crypto-space.

Right now the rebounds are working well for the cryptocurrency market as now the total market cap has risen to $553 billion as per the figures are given by CoinMarketCap, an increase of roughly $120 billion in the course of 9 hours.

The rise in the market came after the Chicago Board Options Exchange announced its plans to offer futures contract for other cryptocurrencies as well as it began offering Bitcoin futures in early December.

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Tags: Ripple bitcoin Cryptocurrency Market cryptocurrency space Cryptocurrency exchanges

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