Ethereum Price: Cryptocurrency Has Nearly Doubled In Value In 2018

Andrew Cummings
January 13, 2018

The cryptocurrency market has always been a source of frantic ups and downs.

This time a year ago, a single Ether token was worth less than ($10), compared to more than ($1,240) today (January 12).

2017 was, with no doubt, the biggest year for cryptocurrencies. It has further reduced to 33 percent on Thursday thanks to a late bearish trend in the market. Since Christmas' rollercoaster Bitcoin hasn't got its price levered still exhibiting market volatility.

Ethereum Price: Cryptocurrency Has Nearly Doubled In Value In 2018

The statement issued by Goldman Sachs is a big contrast from the opinion of several high profile investors who had dismissed Bitcoin as a bubble. ( OSTK ) was ahead of the curve, announcing in August that it would begin accepting all major cryptocurrencies.

The Bitcoin price (BTC/USD) has returned above $14,000, as the recent sell-off in the original cryptocurrency has seemingly come to a halt. The cryptocurrency has continued is advance in today's trading. Reports after reports of authorities across the world clamping down on digital currencies, especially bitcoin, has led to a loss of over $150 billion in market capitalisation of the cryptocurrency market, Moneycontrol reports.

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Trading on Monday actually saw Ethereum regain its status as the second most valuable cryptocurrency in terms of market value; Ripple's rapid gains gave it the second-place slot for a while, but now, the positions have traded, and Ripple is back down to third. After that, Bitcoin regained some of its lost space in the second half of 2017 till mid-December before another decline started.

Bitcoin could also be useful in regions where governments impose strict rules on the use of traditional currencies from other countries. For one, transaction fees for transferring Bitcoins are incredibly high, pretty much making it a bad idea to use the currency on any low-priced purchase.

However, the analysts warned that investors may not realize astronomical gains, if digital currencies become a widely used form of payment.

Despite warnings from the Finance Ministry that investing in virtual currencies is like putting money in ponzi schemes, cryptocurrencies are in high demand among enthusiasts post the Bitcoin buzz.

Although bitcoin (BTC) came to the surface almost a decade ago, the digital currency really burst into the mainstream in late 2017. The leader in the market, bitcoin, went from a currency where 10,000 of them bought two pizzas to where 10,000 pizzas might buy two bitcoin, depending on the size of the pizzas.

Bitcoin has to be the first one on this list. They are now more confident of betting on newer currencies than ever.

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