Cryptocurrency market continues its recovery with Litecoin leading the way with 49% growth in 7 days.
Since early February the market has seen a lightning recovery, which could happen due to a number of factors. Over past week, Litecoin has been leading the way. Sudden rebound has seen names like Litecoin, Ripple and Neo working its way from low prices. Litecoin (LTC) in particular, has had a nice run since February 6.. It is up almost 50% from its low point of 85,63€ ($106.94) and is valued at 178,76€ ($223.23) according to CoinMarketCap at the time of writing this article.
Ripple’s token (XRP) on the other hand has strenghtened from its low of 0,46€ ($0.58) from Feb. 6th, and now ranks second on the list of biggest gainers among the TOP10. XRP is now trading at 0,90€ ($1,13), while still down 51 percent from price of 1,84€ ($2,30) at the end of December.
Neo has seen a rise of 86% from Feb 6. low of 52,14€ ($64.88) with reported 59 percent year-to-date gains – the highest in TOP10. At press time, its price was 99,14€ ($123.35).
Meanwhile, Bitcoin value continues to rise, shaking of market crash over recent weeks.
A record high of 15.955,18€ ($19.850) in mid-December seen a rapid drop, result of continiuing fears that trading was about to be banned in South Korea and regulation. Its value stumbled even harder in February, falling from 8.037,87€ ($10.000) to 4.822,72€ ($6.000) in just four days. Now, however, it seems to be recovering. Price has increased nearly 16 percent over the past seven days, although it has declined almost 5 percent over the past month. Bitcoin is still notoriously volatile as its value shifts unpredictably. Numerous financial experts have advised potential investors to be carefull when involving in cryptocurrencies.
Supporters of Bitcoin, on the other hand are asking mentioned financial experts »Crash, what crash« while the volatile currency is climbing back slowly, but surely. Veterans have already seen those kind of corrections in past few years. But it’s safe to say the Bitcoin price crash wasn’t something most people had expected.
This correction is likely to be one of the biggest ever seen.
With Bitcoin rise up more then 1000% since the start of January 2017, we have seen multiple times such gains doesn’t come without corrections, FUD (short for ‘fear, uncertainty and doubt’) and drama. If you look closely at the Bitcoin/USD chart the last 3 years, you will see that Bitcoin has corrected eyery year between 4th and 15th of January. Many believe going into holiday period, plenty of traders want to jump out of the market and leave the extreme volatility, or they’re pulling out their earnings. Only time will tell if Bitcoin can reach its all-time-high price and/or overcome it. We can sit back and watch the deepest technological experimentation period in the history of Bitcoin. Some think regulations are very important for the health of this ecosystem. Others are ‘advocates’ of it’s decentralization, which could be its greatest obstacle. Once again, only time will tell.