In the last few days there has been an extraordinary price surge for both Bitcoin and it’s close rival of Ripple. High trade volumes are causing the price of the third most popular cryptocurrency, Ripple, to rise even higher.
In fact, over the past 48 hours, all three of the most popular crytocurrencies, Bitcoin, Ripple and Etherum have all rose between 5 and 100 percent. Ripple has seen the largest gains, literally doubling in price to over $0.50, which is the first time it has managed to get this high since June.
Industry experts are still struggling to work out what has caused this sudden market shift. While this rise is great news for many crypto enthusiasts, especially as the market has not been very lucrative recently, it remains to be seen if this bullish trend will prevail. Since the beginning of the year, the value of almost all cryptocurrencies have been slowly declining, and it is this trend which is leading people to believe that this sudden high will be short lived.
Qtum, Stellar, Ox and Cardando have been some of the best performing cryptocurrencies today, woth recordings of gains of 15 percent against the US dollar.
From June to August of this year, Ethereum and Ripple both had 40 to 50 percent losses.
Experts now predict that after such large gains, a gradual rally after what has been a short term corrective rally is more likely than an exponential increase in price. Based on expert predictions and the momentum of the market, a price target of $9000 by the end of October could emerge. Especially since recently there have been some positive developments in the crypto market.
The US cryto market especially has been positive, and there has been optimistic progress in regulating crypto in both the South Korean and Japanese market. All of this points towards a possibly turn around of the market.