Markets Update: Cryptocurrency Prices Begin Rebounding

The past week in the cryptocurrency space has been interesting, to say the least. Since our last market update, many of the top digital assets including bitcoin have experienced a bearish downtrend. The significant dive had seen bitcoin hit a low of US$750 per BTC, but the price rebounded on January 12 with many of its altcoin peers following suit.

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Bitcoin Bounces Back!

rebound_logoAt the time of writing the fiat value of bitcoin is roughly holding above the $800 range after last weeks great climb to $1145. The price held steady above the $900 range just days before the dive, which many believe stemmed from China’s central bank inspecting bitcoin exchanges. The week-long inspection by the People’s Bank of China caused a lot of speculation and the price of bitcoin subsequently dropped significantly.

Currently, the inspections seem to be still happening, and changes have been made within Chinese bitcoin exchange operations. China’s top three exchanges Huobi, OKcoin, and BTCC have since changed their margin lending policies. It has been reported that BTCC and Huobi have ceased offering the service entirely while others have lowered borrowing limits significantly. Quite a lot of bitcoin community members have welcomed the changes saying that Chinese bitcoin trade volumes might be more accurate in the future.

Top Market Trends in the Cryptocurrency Space

In the altcoin world, many of the top cryptocurrencies have also been finding new bottoms and bouncing back to new positions as well. The second highest token by capitalization Ethereum is currently up 3.2 percent with a price of $9.70 per Ether.

Ripple’s token has again remained steady this week at number three with little volatility at $0.0064 per XRP. The digital token price of XRP hasn’t had much of a relationship with the other cryptocurrency markets over the past two weeks.

Litecoin holds the fourth position at the time of writing with close to a $200 million market capitalization. Currently, LTC is roughly $3.80 and seems to be following a similar course as bitcoin. Many are curious about Litecoin’s upcoming Segregated Witness implementation, as signaling will begin on January 28.

The privacy-centric cryptocurrency Monero has held significant value over the past two weeks and rests at $11.50 per XMR. Meanwhile, the notorious Ethereum Classic has managed to keep the sixth highest market cap staying above a dollar at $1.20 per ETC. Dash, Augur, and Maidsafecoin have had notable increases over the past 24-hours. Steem has finally lost its grip and has since been kicked from the top ten cryptocurrency market positions.

Cryptocurrency top ten markets into the second week of January.

Notable Volume and Rebounds All Around

Crypto-markets have been seeing quite a bit of volume over the past two weeks with bitcoin taking the lion’s share. However, Dash, Litecoin, and Monero have had sizable volume increases this past week as well. One notable mention this week is the anonymous cryptocurrency Zcoin which has increased in value over 81 percent in the past 24 hours. Attention has been mainly focused on bitcoin’s price within the cryptocurrency community and the recent PBOC inspections.

Overall most cryptocurrencies are experiencing small and healthy upswings just like bitcoin. Traders have seemed to find their price floors with buying picking up and some starting to bet on long positions. At press time the price of bitcoin is slowly rising upwards with an average of $830 per BTC across global exchanges.

What do you think of the current state of cryptocurrency markets at the moment? Let us know your thoughts in the comments below.

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  • yus

    I wouldn’t know what news or hostility whether from the authorities or players themselves can break the resilience of this revolution.
    Has anyone wondered why satoshi made himself unknown and later disappeared? ‘cos he was on an unquantifiable mission from above. The spiritually minded would better understand this.

    • Comte de Monte-Crypto

      He gone after wikileaks Assange wanna use bitcoin and satoshi wrote -:”No dont bring it on the project needs to grow gradualiy so the software can be strengthened along the way. I make this appeal to wikileaks not to try to use bitcoin. bitcoin is a small beta community in it’s infancy. You would not stand to get more than pocket change, and the heat you would bring would likely destroy us at this stage.”Satoshi said and ask Assange but a year after Wikileaks open up to bitcoin donation and the exact time satoshi gone.Gavin Andersson-:”i havent had email from satoshi …i told him i was going to talk at the CIA…”but it is all connected …still bitcoin protocol left unsettled … he would have lost interest in the project …or with him in the bitcoin project would not progress but it all around Assange that all that started lots of grey zone some murdered around the Assange buzz and no more satoshi,,,some say he is still active with bitcoin but different id so be aware and do your own research the info is outthere easy to get ccn coin desk liar and wiki pedia… ok

  • sjs

    The Chinese authorities have done bitcoin a huge serve by clamping down on leveraged trading. These rapid rises and falls damage the underlying commodity (Crypto currencies). If bitcoin is to be accepted as an extended mainstream payment method then it shouldn’t be used as a casino gambling chip. Organic demand should see a gradual steady increase in the price. Still, given the flexibility of bitcoin more of this type of thing will continue to happen.

    • Comte de Monte-Crypto

      you more mad then a man blablaing like that you are a joke

  • Of these coins, the overvalued ones are:

    Dash: Costs 25-50 cents for a one-input one-output transaction, even though the blocks aren’t full. Miners are declining to be paid in Dash because so much of their income is lost to fees. Fees are far too expensive for any meaningful commerce.
    Monero: A good coin that has resolved most of its problems, but the chart is a classic double-top. It’s probably a year behind Ethereum and three years behind Bitcoin in the charts. Has promise in the future.
    Ripple: Too dependent on its parent company and not widely traded or accepted.
    Bitcoin: Transactions take 6 hours to confirm even at a cost of $1.35. Regular customer service complaints. Marquadt (theymos)’s censorship prevents anyone from even discussing the problem. The only possibility of salvation is Teechan, which doesn’t require the approval of anyone, but it’s not yet finished.
    ETC: Ethereum may not catch on, but there is no way that Ethereum catches on and ETC surpasses it. No regulated company is going to touch a currency where 15% is held by thieves.

    the undervalued ones are:

    Litecoin: LTC is API-compatible with Bitcoin, so when the BTC network finally completely seizes up, people can swap out daemons (unlike with Ethereum). Segregated Witness, which isn’t necessary, will also cause a bubble.
    Ethereum: Currently the most reliable and useful currency for sending money. Plus, it has all the Turing-complete features. I’ve started pouring money into ETH and don’t understand why it is so undervalued.
    Storj (not listed): This is a product that actually works and solves a big problem (data storage). You’ll never get rich buying drives and leasing space, though – the payouts are too low to be profitable.

    • Comte de Monte-Crypto

      You very informative and accurate thanks man