After more than 48 hours of record losses, Bitcoin, Ripple, Ethereum and other cryptocurrencies have made significant price gains.
It seems the coast is now clear for Bitcoin (BTC) as the currency has regained strength after dipping by more than 30% to about $8,000 per BTC on major exchanges. On Luno exchange and other exchanges monitored by PageOne.ng Crypto Desk, BTC now sells for over $11,000 per BTC
Ripple (XRP), the centralised digital currency for cross-border transactions has also recovered from its worst position after it fell to $0.5 per XRP. XRP now stands at $1.2 on major exchanges. The smart contract altcoin, Ethereum has also seen major gains from
Prior to this recovery, there were panics and very interesting reaction from the digital currency markets since Bitcoin and major Altcoins saw a massive deep in their prices.
There are various reasons given by analysts and critics of the market. Some think the upcoming Chinese New Year is pressuring Bitcoin holders in the country to cash out for holiday merriments and gifting. There are also FUDs (Fear, Uncertainty, and Doubt) caused by the crackdown by China on Bitcoin exchanges running foul of regulations as well as Korea’s plans to bring the digital currency markets under its ‘eagle eye’.
While it is premature to predict whether the losses are over, it is certain that today will be better than the last 48 hours.