According to the latest cryptocurrency news, the prices of major digital currencies such as Bitcoin, Ripple and Ethereum and others have increased, as the market begins to recover after an extended price slide.
As of 7th February 2018, the market capitalisation was $310.2billion at 12.45pm. However, today, 9th February the global cryptocurrency market has surged up to $388.8billion at the same time. This rise is a result of the damaging month for cryptocurrencies as a whole. According to CoinMarketCap, the market plunged 66 percent, wiping out some $553billion on 7th of January 2018.
But, as all the major digital currencies, Bitcoin, Ripple and Ethereum are back in the green today, the crypto experts are of the opinion that the market can reach new heights this year.
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Thomas Glucksman from GateCoin explained that the increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments can contribute positively to the market’s rebound and push cryptocurrency prices to all new highs this year. In addition to this, he said that Bitcoin, the biggest and most known cryptocurrency could be pushing $50,000 by December 2018. Meanwhile, Bitcoin’s closest rivals Ethereum and Ripple have also soared by nearly 25 percent and 20 percent respectively in the past 24 hours.
As the market is highly volatile, the prices of today might not be the same tomorrow. To know about the latest cryptocurrency and finance-related updates, keep reading iTMunch!