Many cryptocurrencies suffered a dip in value throughout this year, but over the past couple of days there has been a rebound.
The entire value of cryptocurrencies have increased to a whopping $391.8 billion USD, with gains being seen across the board. Whilst it is likely that there are a number of different contributing factors, the fact that Bitcoin lost nearly a quarter of its value last week, which has resulted in people snapping it up is likely to be partly responsible for this increase in value.
Bitcoin has increased by 6%, bringing the market capital up to $163.3 billion. Bitcoin is the most popular crypto, but this gain means that Bitcoin alone represents a massive 41.2% of the entire market. Ethereum has also climbed 3%, closely followed by Ripple, which has also climbed 3.5%.
Perhaps the most surprising gain is from Bitcoin Cash, which has seen a massive gain of 12%, lifting its market capitalisation to $19.6 billion USD. Litecoin has too seen an increase in the past 24 hours of 4.5%, taking the value to $191.11 USD. It has been a good week for Litecoin, as this recent increase in value has lead to the virtual currency being named as a potential addition to the Winklevoss twins’ Gemini Exchange.
One of the biggest dangers with cryptocurrencies is the volatility in the price, so whilst this price increase is brilliant for the virtual currencies now, and for the concept overall, but there is no saying how long this will last.
Experts have predicted great things for the year ahead in the cryptocurrency market, but only time will tell what will happen with the price. But, for now, this recent price increase can only mean great things for this every increasingly popular concept.