Cryptocurrency price boosts as the market recovers
The price for the major cryptocurrencies, namely, Bitcoin, Ethereum, and Ripple surges today. The cryptocurrency market witnessed a remarkable boost with Bitcoin price surge of 8.38% in the past 24 hours according to CoinDesk.
The price rally
Cryptocurrency price has been shifting unpredictably since last few weeks, leaving rooms for questions on the volatility of the crypto world. Dramatic price plunge in an hour and then hitting an all-time high the next hour, altogether creating suspense amongst the crypto traders!
Increasing regulations on trade and ban impositions have been the greatest influencers with Indian government’s take on the same being blamed the most. Amidst all this, the cryptocurrency price rally came as a sigh of relief to the investors.
- Bitcoin price
As per CoinDesk, Bitcoin opened on 7 February at $7,700.39 price tag, hit today’s high of $8,582.93 at in the afternoon and closed with $8,255.53. On previous day, Bitcoin price dropped below $6,000, which is its lowest since mid-November 2017
- Ethereum price
The second largest cryptocurrency, Ethereum also saw price rally with about 4.77% increment in past 24 hours according to CoinDesk. On 7 February, it opened at $795.94 price tag with hitting a high $851.20 in the afternoon and closing with $723.43. On the previous day, the cryptocurrency hit a low $585.77 at around 8:45 UTC followed by appreciable price surge in next 24 hours.
- Ripple price
After price slip of 21.97 % in 24 hours, Ripple also saw a green day. It opened at a price tag of $0.78 on 7 February and hit a high of $0.81. On 1 February, Ripple was at $1.16 price tag and this was its last 7 days high followed by price drop hitting a low at $0.60 price tag on 6 February.
From the analyst’s desk
The cryptocurrency price surge may have come as a surprise to the common investors, but to the crypto experts, the rally was quite predictable. Thomas Glucksmann, Head of Marketing & APAC Business Development at Gatecoin believes that cryptocurrencies will be hitting records all this year with Bitcoin “pushing$50,000 by December”. He explains that
“Increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments will contribute to the market's rebound and push cryptocurrency prices to all new highs this year.”
Another enthusiast, Jamie Burke, CEO at Outlier Venture forecasts the cryptocurrency market to reach $ 1 trillion mark before the crypto market focuses on “market fundamentals”. He tells CNBC that:
“We believe after February the market will likely go on a bull run comparative if not greater than last year potentially reaching the trillion-dollar mark before a proper crypto winter sets in where the market becomes more focused on proper market fundamentals”.