Cryptocurrency news: Bitcoin is back on track. What about Ripple and Ethereum?
Amidst the South Korean concerns, the cryptocurrency prices are on the rise. With smaller gains, many tokens have seen a steep rise in their price and the market has a stabilized start this morning.
If you are following cryptocurrency news, you’d know that almost all cryptocurrencies had a great end last year. However, 2018 was not so good for all the cryptocurrencies. As an example, Bitcoin almost touched $20,000 in Dec’17. But at the time of writing this post, Bitcoin is under $7000. Which is both good and bad for investors.
Good, because the price is ambivalent. Neither too bad, nor too good. Bad because Bitcoin that broke its previous record of itself every day is now fluctuating every day. That being said, many top cryptocurrencies are on the greener side. So, the prices have slowly started to rise. Here’s a screenshot of the latest price of top cryptocurrencies from Coinmarketcap.
Furthermore, a South Korean cryptocurrency exchange, CoinRail lost around $40 million. In a blog post by Pundi X on Sunday said that the hacker has stolen 1,927 ether, 2.6 billion NPXS, 93 million ATX and 831 million DENT coins, apart from these many other altcoins were stolen too.
However, Bitcoin saw a rise of 1.69% yesterday morning and today it’s 2% down as of 10:30 AM IST. Ethereum rose 4.95% yesterday and it’s 2.33% down since today morning. While Ripple and Litecoin increased yesterday by 0.55% & 1.25% respectively. Furthermore, today Ripple and Litecoin are -3.57% & -3.05% less compared to yesterday.
What’s in the future folds of the cryptocurrency price?
Regular investors know the volatile nature of cryptocurrency. Hence, they are expecting a continuous progress in the price of all the top performing cryptocurrencies. Considering the security breach in the South Korean cryptocurrency exchange, CoinRail, investors are little hesitant in investing further.
Sure, CoinRail released a statement mentioning about the hack. However, they were smart enough to avoid mentioning the names of the cryptocurrencies that were stolen to avoid a price crash. Furthermore, it was an external body that shared the details of the hacked cryptocurrencies which have been aforementioned in this post.
This year has not been too good for cryptocurrency market. In the first half itself, people have lost $1.1 B this year. Additionally, in June alone, cryptocurrency has lost 30% of its total market, which is not a negligible percentage of investors. However, many analysts believe that this market loss is not because of the hack occurred in South Korea, but there are many reasons behind this.
There’s a lot to come out as far as cryptocurrencies are concerned. No doubt that every other day there are newer cryptocurrencies showing up, it’s only going to make the market more competitive and hence more profitable for investors.