The past few weeks have been a wild ride for cryptocurrency. While the market has always been rather volatile, we’ve seen big movements for Bitcoin, Ethereum, Neo, Ripple, and Litecoin. Let’s take a look at how these major currencies are performing.
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Bitcoin
As the biggest cryptocurrency around and by far the most recognizable, bitcoin has seen major growth in the past few years. From its beginnings as an interesting currency experiment to its current position as one of the fastest growing investment opportunities, bitcoin paved the way for the majority of the cryptocurrencies we have today.
While it’s the biggest currency around and has seen incredible growth – reaching almost $20000 per coin near the end of 2017 – it has since seen a big crash, reaching close to $15000 – largely due to some disappointing news.
While cryptocurrency is no doubt here to stay, there’s no use denying that the investments are incredibly volatile and risky when compared to traditional investments. While stocks are usually tied to the performance of their companies, currencies like bitcoin are driven by supply and demand. New news and even rumors can cause massive shifts in value, which has caused several governments to make moves to address the issues surrounding this cryptocurrency.
A document leaked recently that seems to suggest China will soon be cracking down on bitcoin mining groups that have set up shop in the country due to the low cost of electricity. This is combined with the shutdown of several exchanges as well as a potential banning of initial coin offerings (ICOs). The moves targeted mainly bitcoin which has actually led to a surge in the prices of coins like Ethereum, Neo, Ripple, and Litecoin, and the largest cryptocurrency may soon have its dominance challenged – at least in terms of market cap. Ripple coins are valued far lower than a bitcoin, but considering the fact that there are billions in circulation, it might not be too long before Ripple catches up to the leader in the crypto scene.
