Bitcoin, Ethereum, Litecoin Price Update
With recent volatility in the market seeming to subside for the most part, the prices for the top three cryptocurrencies have recovered from their deep dive in price. Mostly, due to the backlash from China’s regulatory campaign against digital currency, as well as South Korea’s announcement that they will consider banning ICOs, following in China’s footsteps.
There is no major news coming out of the cryptocurrency world at the moment other than the recent bans, so the market has stabilized around prices that the major coins were at before the dip a couple of weeks ago. With trading volumes increasing for Bitcoin and Ether in recent days, it is likely that the currencies will steadily rise in the coming week. However, the volumes have not reached the levels they were at in early September.
At the time of writing, Bitcoin had a price of $4,400. Bitcoin has risen and fallen roughly $200 in the last ten days but the stability of the token should continue into the coming week. Many investors will be capitalizing on this momentary dip in price below $4,000 before it surpasses the all-time high it had in the first half of September.
With the eleven new Bitcoin exchanges that have been licensed in Japan, there should be a marked increase in the trading volume coming out of the Japanese market. This will keep driving the price of Bitcoin up, taking it beyond the next milestone of $5,000.
Though it may seem like Ether has been depreciating steadily, the price has remained stable just around the $300 mark. This position creates a lot of potential for traders trying to catch the next swing back up into the higher 300’s, with the current price at the time of writing at $368.
This slowing of growth that Ether is experiencing seems to be the beginnings of a major uptick in value in the near future. It would be in-line with the behavior of Ethereum in the past, goring through periods of no growth and then moments of intense gains.
Many people were hedging their bets that the price of Litecoin would return quickly to its early September levels. At the time of writing the price per Litecoin was $52. This however, does not seem likely to happen, as trading volume remains nominal. Many analysts are saying that even though growth seems sluggish at the moment, this will likely change and it is worth holding onto your coins for the time being because there should be another increase in the coming weeks.
Graphs via: coinmarketcap.com