The main Cryptocurrencies Recover, Bitcoin and Ethereum 5% Post Gains
After recording a minor correction on January 26, the main cryptocurrencies of which Bitcoin, Ethereum and Cardan increased by more than 5 percent.
NEM, which dropped significantly in value after leading the Japanese exchange announced a cryptocurrency CoinCheck hack $ 530 million in its hot NEM portfolio, also recorded a 5.6 percent rise in price.
Bitcoin and Ethereum
Since a major correction occurred at the end of December, most cryptocurrencies in the market have failed to recover to their all-time highs. Bitcoin is still down nearly 50 percent from its record high at $ 19,000, and other cryptocurrencies like Ripple and Bitcoin species are almost down 70 percent from their historic highs.
At one point, Ripple's $ 150 billion was approaching in the market valuation, but as of January 27, Ripple's market capitalization remains below $ 50 billion. This is a decrease of 3 times within two months.
Ethereum fell the least from its record high at $ 1,300, and was one of the top performing cryptocurrencies in the market. It took place above the $ 1,000 mark throughout several major correction and today, the price of ether, the native cryptocurrency Ethereum network, rose by 4.6 percent .
Last week, Stripe's $ 9 billion financial services provider noted that due to high fees and long delays in confirming the Bitcoin network, it has started looking for alternatives in the global Crypto Bitcoin market. -change. Stripe mentioned ether and other cryptocurrencies launched above the Ethereum protocol such as OmiseGo.
"The fees have gone up a lot. For a regular Bitcoin transaction, tens of US dollars fees are common, making Bitcoin transactions about as expensive as bank wires. Because of this, we have seen the desire of our customers to accept the Bitcoin decrease. And the companies that accept Bitcoin on the tape, we've seen their Bitcoin revenue drop dramatically, "said the band team.
At the moment, the fees on the Bitcoin network are less than $ 1, because the daily volume of Bitcoin transactions has decreased in recent weeks. When demand for Bitcoin spikes again as its price increases, it is likely that the costs will also increase.
Financial service providers like Stripe believe that, in the short term, companies could move away from Bitcoin because of its high costs to other alternatives like Ethereum. The adoption of Ethereum by retailers could be a determining factor for its medium to long-term price growth.
"We are interested in what is happening with lightning and other proposals to enable faster payments. OmiseGO is an ambitious and intelligent proposition; more broadly, Ethereum continues to spawn many high-potential projects, "added Stripe.
While the Ethereum network was not designed specifically to process payments, it has become a widely used digital currency. It is processing 7x more transactions than Bitcoin, with a daily trading volume of 1.4 million. The rapid increase in the Ethereum user base has pushed up its price in recent weeks.
Ripple:
For a month, Ripple struggled to show strong signs of recovery despite several high-level partnerships he had obtained with companies such as MoneyGram and major South Korean banks. Japanese and South Korean financial institutions are expected to roll out the Ripple integration in early February. If integration proves to be successful, it will be reflected positively by Ripple's price developments. If not, Ripple's price may continue to fall in the short term.
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