The last few days has been something quite remarkable for those following the Crypto market.
Bitcoin had looked set to cross the $20,000 barrier, whilst the ‘alt coins’ (alternative currencies) were seemingly struggling. In a sudden change of events the Bitcoin bull run slowed down and the alt coins decided to go on a bull run of there own. It seemed to begin with Litecoin and has spread to many others, as new money, new investors and new hedge funds join the Crypto market.
Ripple’s XRP saw a massive spike yesterday, which is still ongoing! The price shot up from less than $0.26 to over $0.50 (currently at $0.47).
Rumours circulating the internet state that Ripple are expecting to make announcement shortly that a major Bank will be acquiring XRP. These rumours are yet to be confirmed, but if true could push the price even higher, possibly crossing over the $1 mark before the end of the year.
We would, as Charlie Lee (creator of Litecoin) has, urge caution if you are investing at the moment. The gains in the market have been quite astronomical over the past few days and history would tell us that a major correction is due. As and when this will happen is impossible to predict. The Crypto market is ever growing and its not just Bitcoin that is getting all of the attention. Many new investors are looking at the ‘alt coins’ as their knowledge of the Crypto market grows.
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We are not investment or financial advisors and are here to provide news and our opinions. Please be fully informed regarding the risks and costs associated with trading the financial markets and the Cryptocurrency market, it is one of the riskiest investment forms possible.