The crypto currency Litecoin saw a considerable recovery of late rising by over 20% to flirt with the $300 mark over the weekend. It seems that the rally is at a halt for the emerging crypto currencies such as Tron and Stellar Lumens which all posted declines over the same period although they are still at record highs considering where they started off. Ripple was also slightly static over the weekend as it struggled to regain the $3 dollar mark and seems to be flotaing withing the $2.80-2.9 range. Another excellent performer was Bitcoin Cash which rose by over 10% in 24 hours to reach the $2,700 mark and its is expected that this crypto currency may regain the $3,000 mark quite soon.
The more established crypto currencies also saw quite strong gains in the past 24-48 hours. One of the most pronounced in this respect was Etherreum which has now superseded the $1,000 mark quite strongly and is currently trading at well over $1,100 showing signs of further consolidation at this level. It is also coming close to regaining second spot on the Market Cap crypto currency index since Ripple traded pretty flat lately.
The major crypto currency Bitcoin also posted strong gains over the past 24 hours rising to almost $17,500 at one point but then eventually fell back to around the $17,000 mark which was still considerable considering that it traded at around $14,000. News that investors are planning to introduce new funds to double the quantity of Bitcoin trades has also had a rather beneficial effect on the market overall.
Another crypto currency which is quietly increasing although it has not been much on the radar is Ethereum Classic which is now flirting with the $35 dollar mark – an excellent performance with a rise of almost 400% from its lows in September/October when it was trading at around $9. Dash is also showing signs of resilience above the $1,200 mark and was up by 5-10% over the past 24 hours. This could mean that it reaches the $1,500 mark where it peaked a few weeks ago sooner rather than later.
The rise of bitcoin, Litecoin, and Bitcoin Cash has shown that the extremely risky and volatile cryptocurrency market considers cryptocurrencies that have existed in the market for the longest period of time as reserve assets or currencies. Bitcoin in particular has become the safe bet within the global market.
Over the past 24 hours, the cryptocurrency market has a seen a trend in which investors in alternative cryptocurrencies have cashed out their returns from their incredibly high profit trades to bitcoin, to secure their profits. Consequently, the price of bitcoin surpassed $17,000, briefly achieving $27,000 in the South Korean market.
Bitcoin is acknowledged as a safe haven asset and has also gained a reputation as a reserve currency within the global cryptocurrency market because of its market valuation and the infrastructure around its network. Some of the largest financial institutions and banks such as the Chicago Board Options Exchange (Cboe) and CME Group have increased the liquidity of the cryptocurrency, thus opening the market for institutional investors and retail traders.
Because of its strong network effect and existing infrastructure, bitcoin remains more stable and less volatile than other cryptocurrencies, and tends to move relatively slowly when compared to other cryptocurrencies in the market. The launch of bitcoin exchange-traded funds (ETFs) by the New York Stock Exchange (NYSE) and Cboe with the approval of the US Securities and Exchange Commission (SEC), will further increase in the liquidity of bitcoin and enable it to solidify itself as a major asset class, further increasing its value and accessibility to the traditional finance sector.