Weekly Cryptocurrency Report: Bitcoin Struggling, Ethereum Booming

    News and Updates

    This week we are going to take a look back at that last two weeks to see how the larger cryptocurrencies have performed. In our last report there had been some massive drops across the board in a pre-Christmas slump that started to alarm many cryptocurrency owners. Fortunately, things picked up again after Christmas, though still not enough to completely recoup the loss in value.

    So how have cryptocurrencies done since the Christmas slump and mini-recovery? Overall things have improved for a number of the smaller currencies, while Bitcoin still sees weekly and even daily swings in the thousands of dollars.

    Bitcoin – A Bumpy Month

    It has certainly been a bumpy ride for Bitcoin in the latter part of December and the early part of January. After the pre-Christmas slump, Bitcoin started to show signs of recovery and climbing as high as $16,448.54 US Dollars a few days after that low of $11,757.25 on Friday the 22nd.

    Since then it started to fall again though this time in more of a gradual way and actually fell to as low as $12,206.52 at one point on New Year’s Eve. It then started to pick up once more and actually hit a high of $17,156.56 on the 6th of January.

    Today, it has fallen to as low as $13,683.23. These weekly swings worth thousands of dollars at a time must be enough to have anyone sweating. Considering the massive surge in value in the previous year, something like this was always going to happen.

    Ethereum – Going From Strength to Strength

    Ethereum, on the other hand, has gone from strength to strength since a slight dip before Christmas. Just one month ago, Ethereum was sitting at a price of $465.12 and that rise broke the $800 mark on the 19th of December. It dropped down to $544.72 on that infamous Friday on the 22nd of December, losing a huge amount of its value. Ever since then it has seen a steady climb. In the last week alone Ethereum has grown in value to the tune of 28.72% and is now worth $1,201.08.

    Litecoin – Leveling Out

    Litecoin was arguably one of the worst hit in that pre-Christmas slump and despite an initial recovery it seems to be leveling out somewhere in the middle of its highs and lows for the last month.

    Litecoin was hitting highs of over $393 in the early part of December before that slump removed almost 50% of its value and had it as low as $193 on the 22nd of December. It has since been up and down after a slight revival immediately after the drop but during the last week, it seems to have leveled out around the $250 mark. Despite all of this, the value over the last month has still increased by 42.28% and $69.87.

    Monero – One Step Forward, Two Steps Back

    Monero was another that was hit quite badly last month, when it lost around 40% of its value after dropping from ~$460 to ~$260. A steady increase after Christmas allowed it to claw back a good portion of that value and by the 7th of January, where it has once again gone above the $400 mark.

    It dropped quite drastically the next day, before rising even more dramatically on the 9th to reach a high of $447.44. Since then, however, it has dropped significantly once more and is currently at $371.67.

    Neo – One of the Success Stories

    Although Neo lost almost half its value on the 22nd of December, it has been one of few to show a consistent increase in value since that slump. It dropped as low as $43 that day before recovering the next day to recoup half of those losses at $63.

    Despite a slight drop it has since gone on to climb in value throughout the end of December and start of January and is now valued at $115.16, an $80 increase from a month ago. We are not sure how much longer these increases will continue but it is fair to say they right now they do not look to be slowing down.

    Ripple – Road to Recovery

    The last coin we will be looking at is Ripple. Similar to Neo – though not as spectacular – Ripple has grown in strength since mid-December. It was actually one of the least affected on the 22nd of December and hovered close to the $1 mark towards the end of December.

    The start of January so a sharp increase in value as it trebled in price to be worth more than $3.00 on the 4th of January. Unfortunately, it has seen a slow decrease since then but still sits at $1.75 which is a massive increase of 613.99% on its value from a month ago.

    Summary

    All in all its been a turbulent month for the majority of crypto coins but many experts did predict that this could happen over the holiday season as more casual investors dip their toes into the world of cryptocurrency for the first time.

    A few of the currencies have certainly gone on to continue with some solid growth but some of the more well-known coins have certainly stalled and even started to lose some serious value over the last couple of weeks.

    We will be back again next week to see how these cryptos are doing and how they had done for this current week. We still think there will be some vivid swings that are not uncommon in these markets before things really start to settle down again going into 2018.

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