Friday the 22nd of December began as a worrying time with the majority of cryptocurrencies experiencing price drops. Predictably, these varying degrees of price decreases have since started to show some signs of recovery. The time of year along with the recent surge in prices for many of the leading cryptocurrencies have both been mentioned as the reason for the dip.
On a positive note, we have seen some improvement in value since then. This resilience has led to many feeling confident with the current trend in cryptocurrency value showing continued improvements – until the next pullback at least.
Bitcoin investors were relieved on the 26th of December after the cryptocurrency’s value improved to more than $16,000 after dropping below $12,000 on Friday the 22nd. That Friday saw BTC lose around a quarter of its value and while it did improve a little late on in the day, it was as low as $11,159.93 at one point. This meant that Bitcoin had not experienced a worse week since way back in 2013.
Many have surmised that this loss was always to be expected due to the astronomical rise it had experienced this year. However, as the Christmas hangovers eased, the 26th of December brought back another sharp increase which saw it recoup almost $5k in value finishing at a value over $16,000.
2017 sure has been a rollercoaster ride for Bitcoin investors as the cryptocurrency has risen from below $1,000 at the turn of the year to a high of around $20,000 across various exchanges on the 17th of December.
This essentially means that Bitcoin has surged in value by more than 1,900% in 2017 despite the worrying and sharp fall experienced just before Christmas.
Bitcoin was not the only cryptocurrency to experience a large drop in value before Christmas as many of the other leading cryptocurrencies also saw significant drops in value too. Ripple was one of the biggest players to be hit with losses of 17%, but with Ethereum the drops were even more substantial.
Ethereum fell to a value of as low as $544 on Friday the 22nd, despite having a price as high as $835 the day before. This drop in value has since been turned around in the preceding days, however, as it now sits at $764.93. That is still an increase of 57.53% in the last month and 163.94% across the last three months.
As for Ripple, that drop of 17% was not quite as dramatic but it was certainly noticeable. In much the same way as Bitcoin, this drop was somewhat expected due to the surge in value that they had experienced in the week before. This surge and the exposure that it created meant that more casual investors or newcomers to cryptocurrencies would be tempted to invest over the holiday season.
This has always been a trend during the festive season but Ripple has regained most of what it had lost in the days after Christmas. It now sits at 1.14000 having seen an increase of 14% in just the last 24 hours alone.
When you consider that Ripple has had an incredible increase of close to 500.00% in the last three months alone, slight drops were always to be expected.
While all of the above currencies suffered their own losses on Friday the 22nd of December, none were hit quite as bad as Litecoin. Litecoin suffered close to a 50% decrease in value. Having surged to an all-time high of $366.34 a little more than a week before, succumbed to losses leaving them at $184.41 just after lunchtime on the 22nd.
Litecoin has made a good recovery since then, and has a value of $280.79. While this still represents a 7-day drop of $41.03, the value of Litecoin is still more than 200% and almost $190 more than what it was just one month ago.
Monero would not escape the reduction in value and were right there with some of the worst hit cryptocurrencies. Just a couple days earlier they had hit an all-time high of $467.42 but that fell to $256.15 at one point on the 22nd.
With a value that is currently $388.83, the recovery since is there to see but this is also expected to continue for the next few days as well. That value also has it 142.29% up from the same time last year, making it much like with other cryptocurrencies, an excellent investment for anybody that bought at the right time.
Neo was another that was hit to the tune of an almost 50% reduction in value on Friday the 22nd of December. The value of Neo was as low as $40.60 at one point on Friday and while it started to increase, there were further drops on Christmas Eve. Since then there has been a steady increase in value for Neo and it now sits at $69.44. This recovery means that it is currently just under 2% down on the previous week but still up 82% on this time last year.
It is quite clear that the sharp ups and downs are likely to continue over the coming months across most cryptocurrencies. Will it pay to be strong and brave or are we about to see the bubble that many are predictingto finally come around? Whichever side of the coin you fall on, it is definitely going to get interesting for cryptocurrencies as we go into another year.
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