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.