MENU

Crypto update: Bitcoin (BTC) and Ripple (XRP) rebound

Earlier this week the world’s cryptocurrencies crashed lower amid speculation of government crackdowns in China and South Korea.

For a little while it looked as though the bubble had burst and bitcoin and the altcoins were done.

But to the surprise of many, cryptocurrencies have made an impressive recovery over the last 48 hours.

Here’s the state of play in the industry this morning:

The bitcoin (BTC) price is up 12% over the last 24 hours to US$12,016. This means that the world’s largest cryptocurrency now has a market capitalisation of US$202 billion.

The ethereum (ETH) price has climbed 14% during the last 24 hours to US$1,092. This has increased the largest altcoin’s market capitalisation to approximately US$106 billion.

The Ripple (XRP) price is up a whopping 47% since this time yesterday to $1.69. XRP was one of the worst impacted cryptocurrencies during the sell-off but has recovered well. Its price is now up over 72% from its Wednesday low of 98 cents. It has a market capitalisation of US$65.6 billion.

The bitcoin cash (BCH) price is 16% higher over the last 24 hours to US$1,878. The bitcoin spin-off now has a market capitalisation is US$31.8 billion.

The cardano (ADA) price has pushed 21% higher to 70.3 U.S. cents during the last 24 hours. This has given the fifth-largest cryptocurrency a market capitalisation of US$18.2 billion.

Where next?

I think a lot will depend on whether or not there is a crackdown on cryptocurrency trading in South Korea and China. If there is then I feel prices could tumble again, but if there isn’t then I see no reason why traders won’t pile in again and drive prices higher.

But what these governments choose to do is impossible to predict, so I think the prudent thing to do is to watch on from the safety of the sidelines for now.

In the meantime, I think these exciting tech shares could provide investors with market-beating returns this year.

The Disruptors: 3 Revolutionary Aussie Companies to Back for 2018

We're living in one of the most exciting times in investing history. Innovation and a booming culture of entrepreneurship are constantly creating new companies with the potential to make forward-thinking investors very rich. Now more than ever, one small, smart investment could make a huge difference to your wealth.

That's why at The Motley Fool we've been scrutinizing the ASX to uncover the kinds of companies that we believe could turn into the next Cochlear or REA Group.

We've found three exciting companies that we believe re poised to perform in the new year. Click here to uncover these ideas!

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.