After hitting an all-time high in mid-December, reaching up to $20000, market watched a great fall. Almost a week later prices fell from $17000 to $13000 in a single day. But the beginning of year ’18 has raised high hopes again. It’s almost been a week and Bitcoin regains its 17k domain.
Bitcoin prices continue to recover as a bullish spike on Friday’s trading pushed the value above $16000. After hitting its low to $11600 across global exchanges earlier, Bitcoin market value has jumped considerably.
Friday turned out to be a game-turning day. When bitcoin was trying to regain its price value, other cryptocurrencies like Ethereum were also playing their dice. Cryptocurrency Ethereum climbed Friday to a record high.
Remaining in third place, after Ripple, Ethereum kept on moving. On 2 Jan the price reached its high near $980. By the end of this week, it has set a new record, almost 1.7% rise. In January alone Ethereum has reached around more than 30 percent. On Friday, the currency rose 9.6% to an all-time high of $1075.39.
Further, Vitalik Buterin, co-founder of Ethereum, recently announced the launch of two subsidy programs in a blog post. The idea behind the launch is to improve the ability of Ethereum network in order to carry out more transactions.
A month back, CryptoKitties, the digital cat breeding and trading game based on Ethereum, grabbed many viewer’s attention.
“The value of anyone these cryptocurrencies are very, very correlated with the utility. Speculators will only take it so far and people won’t hold it anymore if they can’t use it,” Benjamin Roberts, co-founder, and CEO of Citizen Hex said. “I think people are just starting to wake up and realize the differences.
On Thursday, after reaching an all-time high of $3.32 market watched a fall. Despite a 16% downfall, Ripple managed to retain an edge on Ethereum.
The drop-off appeared to coincide with a Twitter post from Coinbase CEO Brian Armstrong. Though the coin has surged more than 30% in January so far.
Coinbase currently offers trading in Bitcoin, Bitcoin Cash, Ether, and litecoin.