MENU

Crypto update: Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) recover

Cryptocurrency traders can breathe a sigh of relief this morning after bitcoin (BTC) and many of the leading altcoins recovered from earlier declines.

At one stage the BTC price had fallen through the US$10,000 mark again, sinking as low as US$9,972 per coin.

But it has since recovered almost 10% from its daily low and is now fetching US$11,115 per coin, according to Coin Market Cap. This has left the world’s largest cryptocurrency with a market capitalisation of US$187 billion.

Elsewhere, Ethereum (ETH) has climbed almost 4% over the last 24 hours to reach US$999. ETH now has a market capitalisation of US$97 billion.

The Ripple (XRP) price was the most improved major cryptocurrency during the last 24 hours, rising close to 14% to US$1.37. This leaves XRP with a market capitalisation of US$53.2 billion.

There were solid gains also for the Bitcoin Cash (BCH) price over the last 24 hours. The bitcoin spin-off rose over 7% during the period to reach US$1,671, giving it a market capitalisation of US$28.1 billion.

While this is great news for traders, it is still way off its highs. Just over a month ago BCH was commanding a price of US$4,138 per coin.

Finally, the fifth-largest cryptocurrency, Cardano (ADA), has increased 7% since this time yesterday to 58 U.S. cents. The underworld favourite has a market capitalisation of US$15 billion.

While it is unclear why cryptocurrencies recovered, the earlier declines are believed to be the result of the South Korean crackdown.

On Tuesday regulators in South Korea announced plans to ban anonymous trading accounts on January 30 in a bid to prevent cryptocurrency-related money laundering. This is likely to be the first of many moves by regulators to control supposedly decentralised cryptocurrencies.

Which I think is likely to mean a lot more volatility in the coming weeks and months.

If you missed out on the crypto boom then don't miss out on this next boom which could be many times bigger.

Bill Gates Says This Could Be Worth “10 Microsofts”

If You Missed Investing In Microsoft in 1996 – Read This

I can’t believe so many investors haven’t heard about something Microsoft founder Bill Gates told a group of college students in 2004.

This could be your chance to get in on the ground floor!

Click here to discover more!

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.