CRYPTOCURRENCY markets a little devastating battle this morning as bitcoin, Ethereum and Ripple all took a massive fall in prices in a chokkrasj. But will the bitcoin regain and will ripple recover after such dramatic fall?
Bitcoin has now drove over half of its value since the $ 20k high recorded on January 18th and declined to $ 7.694 this morning.
Ripple fell to $ 0.65, as the XRP dropped back to prices that had not been seen since the dramatic rise in December.
The three-month Ripple graph below emphasizes the extent of Ripples recent decline - and reveals that the crypto curve has not been evaluated so low since Christmas.
While Ethereum dropped below $ 1,000 to $ 782 in the press and a decrease of $ 319 (27 percent) from yesterday's height of $ 1,151.
Will Bitcoin recover? Will Ripple recover?
Ran Neu Ner, the founder of ONchain Capital, suggested BTC could reach highs of $20,000 again in 2018.
He said he was confident that bitcoin would regain its sky-high prices this year, arguing that it is in the cryptocurrency’s nature to be volatile.
Speaking to CNBC, he said: “Yeah but bitcoin goes up, bitcoin goes down, bitcoin goes up and down very quickly.
“If you recall a few months ago we were sitting right here and bitcoin was under $8,000.
“It shot up to $20,000 in less than two weeks so this is nothing new.
“We’ve seen bitcoin go up and we’ve seen bitcoin go down, we’ve seen it go down 50 percent at a time.
“But it’s quite a resilient currency, commodity asset that just keeps going up afterwards.”
Will Ripple recover from price crash?
Right Side anchor and reporter Steve Lookner tweeted this morning: “Ripple is the third-biggest cryptocurrency. It has lost 18 percent of its value in 24 hours.
“It has lost 74 percent of its value since early January. Ripple investors have lost, on paper, $290 million in 24 hours.”
The crash came after a blockchain startup suffered a costly hack attack when home sharing startup BeeToken was hit by a phishing dupe.
Parity Technologies is trying to bounce back and recoup $160 million (£112 million) after a novice developer accidentally froze the funds so no-one could access them.
Trevor Koverko, CEO of blockchain platform Polymath, suggested it may not be all doom and gloom as investrors are backing Ripple because they trust the brand.
He told Forbes: "People feel comfortable with its name and the technology behind Ripple.
"A lot of people are beginning to realise how big of an opportunity there is between business and the blockchain...and that's making Ripple the early winner here."
Read more: express.co.uk
