Last week, the crypto-market seemed like it was on the verge of another slide but as the week has progressed, those fears seem to have been premature. Admittedly, there have been casualties but most prices have recovered most, if not all, of their value.
Starting with the original “gangster”, Bitcoin (BTC) opened on Friday at a worrying $9,937, having fallen from nearly $2,500 since Tuesday when it really looked like it might make $12,000. Bitcoin’s price has recouped and is now trading at $10,709. This week’s highs are $11,089 on Wednesday and its low $9,407 on Sunday.
Ethereum (ETH) has managed to steer a steady course this week. Although it has attempted to trade over $900, it hasn’t quite managed it. The coin is currently at $872: highs of $896 on Tuesday and lows of $794 on Friday.
Despite positive news coming from banks proposing to adopt its technology for cross-border transactions, Ripple (XRP) hasn’t had a hot week. Its value has drooped from an open on Monday at $0.94 to Thursday’s present price of $0.91. XRP’s total value has actually increased by $39m from the start of the week.
Last week’s hero, Litecoin (LTC), which amongst the falling prices seemed to tread water, received a body blow following the delay of the much-awaited LitePay application, which would facilitate transactions using LTC. According to an email sent out on Monday, “hostile action” by card companies had delayed the card registration process. From $222 at market open on Monday, LTC is now trading at $209, a 6% drop.
On Tuesday, the Chinese-based Neo (NEO) has powered past Cardano (ADA) to become the coin with the sixth-largest market capitalisation. A surge of interest from investors seems to have driven a 15.80% increase, which gave the coin a total value of $9.1bn, to Cardano’s $8.7bn. Presently, the market cap difference is $800m.
Wednesday marked a record value for DigixDao (DGD), a gold-backed cryptocurrency, which traded at just under $600, an all-time high. DGD has seen its fortunes improve as investors place their trust in a coin which is reportedly backed by one gram of LBMA gold that is held in a Singapore vault. The price has since settled at around the $550 mark.
Another Asian-based cryptocurrency, OmiseGo (OMG), saw a 200% surge in its trading volume, which made it reach a one-month high as prices climbed above the $20 mark; the main channel for investment seems to have come from a BTC trading pair with Ethfinex, an exchange which only launched a couple of weeks ago. In a blog-post on Wednesday, OmiseGo’s Project Lead announced that its wallet was now publically available but was still in beta testing.
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