Analysis: Crypto Market Climbs Higher
A market-wide recovery was seen in cryptocurrency charts, as 18 of the top 20 currencies showed gains in the past 24 hours. NEM, the 5th-largest cryptocurrency, showed impressive gains of more than 18% at a certain point, while the newest member on the list, EOS, showed a correction of some 10%, losing its spot in the top 10.
Bitcoin steady, reaches over $2,600
The world’s largest cryptocurrency was showing gains this morning for the third day in a row, settling above the $2,600 mark. In the past 24 hours, the cryptocurrency rose nearly 5% and maintained a trading volume of over $1 billion. A note by an analyst from Financial powerhouse Goldman Sachs recently said that the currency could go as high as $3,900, but predicts it falling to $1,800 before it does so.
Will Ethereum cross $300 again soon?
After going against the trend and registering losses in the past 24 hours, Ethereum registered some gains this morning. The second-largest cryptocurrency has failed to reach the milestone so far this month, and has been less volatile in recent days. Trading volumes for the currency were some of the lowest seen recently, totalling at less than $800 million.
Korea to legalise cryptocurrencies
Asia’s fourth-largest economy, South Korea, could give cryptocurrencies a boost, as it will soon announce legislation regarding the cryptocurrency market. As demand for cryptocurrencies increases in Asia, these bills will be put in place to regulate and tax digital currency trading within the country. This announcement comes just days after Japan officially eliminated Bitcoin taxation.
This article was first posted on Etoro.com/blog , a Premium Trading Partner.
