Cryptocurrency Correction Over? All Rise For The Weekend

Cryptocurrency Correction Over? All Rise For The Weekend
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After a debilitating week where all major crypto currencies suffered considerable losses from their all-time highs – in some cases dropping by over 20% - (or even 40% in the case of Ripple), the evening of Friday and the morning of Saturday saw a considerable rise in all crypto currencies main values. The main leader was once again Ethereum which was the only exception during the week, charging ahead by a further 8% to reach the $1,300 levels again – this almost recovered the small correction of the last couple of days where the crypto came down from its record highs.

After a torrid week of bad news for Bitcoin which saw its price sink to around $12,500, the world’s largest crypto currency by market cap once again moved ahead slowly but surely recording a 6% rise on Saturday morning trading to reach levels in the mid $14,000’s and looks to start testing the $15,000 mark soon. Another major decliner over the past week was Litecoin which even flirted with the $220 mark but which now is trading at close to the $250 mark which represents an increase of over 10%. However this coin is still very far from its all-time highs of $350 registered just a month ago. Dash also had a somewhat torrid week although its falls were not so wild or dramatic and is now moving ahead at around $1,200 – an increase of around 5% overall.

Undoubtedly the most talked about crypto currency over the last few days has been Ripple which saw wild variations and fluctuations in price but which ultimately crashed severely to lows of $1.60 from all-time highs of $3.50 – a drop of well over 100%. During the week the price of XRP fluctuated from highs of around $2.20 to lows of $1.60 but now seems to be settling at around the $2.15-2.20 mark. The news that Moneygram will be partnering with Ripple also gave the price a boost but this did not seem to last. However the currency seems to be well supported at this level.

Other major cryptos such as Ethereum Classic and Bitcoin Cash continued rising with the former gaining over 10% to almost record highs of $38. BCH registered a 5-8% increase and is now trading at about $2,600-2,800 with the fabled $3,000 perhaps in sight over the coming days. However there have been mini rallies where the prices of the major cryptos rose only to fall back after just a few hours so this slight increase in values may also be short lived.

Other altcoins record major falls – XLM back to gains

Newer and less established alt coins such as Monero, IOATA and Cradno all registered double digit falls over the week which indicated that they are also prone to suffer from bad news in the market as well as investor sentiment. The much rated XLM or Stellar Lumens had fallen by almost 50% over a few days but on Friday it jumped by around 30%.

The stellar price entered 2018 knee-deep in a breakneck 338 percent rally rising as high as $0.92 on Jan. 4 after trading at $0.21 just one week prior. Ultimately, however, XLM failed to reach dollar parity, and the token endured a 53 percent correction that reduced its price below $0.44 on Jan. 11 during intraday trading.

On Friday, however, the stellar price leaped out of its week-long rut and began to scale the charts more quickly than any other top 10-cryptocurrency, save EOS. At the moment, the stellar price is trading at $0.68 on Bittrex, which represents a single-day increase of 28 percent and a 50 percent increase from its intraday low. Stellar now has a $12.4 billion market cap, which makes it the eighth-largest cryptocurrency according to this metric.

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