Cryptocurrency News

Ethereum and Ripple Price Surge Make Investors Sceptical

Despite the lack of value growth of some of the more major cryptocurrencies such as Bitcoin, the prices of both Ripple and Ethereum have surged by more than 10% today. This surge was triggered both at the same time on Bitfinex, which had a direct effect on some of the other major cryptocurrency exchanges.

In the past day, there have be no major announcements in the crypto world which would account for such a rapid rise, which has led to some investors being sceptical about what this means.

Some industry experts believe that the cause may be something to do with a huge announcement that Ripple are set to release at some point in the near future. No one knows if this announcement is to do with a product or an event, but it is certainly causing a hype to grow around the platform.

On September 17, CCN reported that a new cryptocurrency project was to be going live at some point in October. However, the surge in price has come a few days later, so there is nothing to say that the announcements and rising price are related.

For Ethereum however, it is rare that a single development of event in the market affects its price, as it represents a large ecosystem of decentralised applications. The price rise when it comes to Ethereum, therefore, is more likely due to group of investors pushing for a corrective rally after its previous step decline from $220 to $190.

These movements are abnormal, and suggests that the market as a whole is still bottoming out, and it may be a while before the market becomes a little more stable. In the past few months, both coins have been performing poorly against Bitcoin and the US dollar, therefore this could be the start of a corrective rally.

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