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Bitcoin, ethereum, Ripple’s XRP, litecoin and chainlink, five of the largest cryptocurrencies by value, all rebounded from a sell-off this week.
Bitcoin’s price soared to over $ 18,000 per bitcoin after plunging to around $ 16,000 on Friday as Ripple’s ethereum, XRP, litecoin, and chainlinks swung even more wildly.
Bitcoin price rose through November, boosting ethereum’s smaller cryptocurrencies, Ripple … [+]
NurPhoto via Getty Images
The recovery was led by XRP, which added more than 10% in the past 24 hours, with bitcoin, ethereum, litecoin and chainlink all up around 5%.
The combined market value of bitcoin and cryptocurrency fluctuated by around $ 100 billion this week after bitcoin hit its 2017 all-time high of nearly $ 20,000.
The sell-off, which saw bitcoin lose 10% of its value in just a few hours, was seen by many bitcoin and cryptocurrency market watchers as a temporary fix.
“Cryptocurrency prices can show strong fluctuations, so the main thing to know is that this phase was necessary to continue the rally,” Alex Kuptsikevich, senior financial analyst at FxPro, said via email.
“Technical indicators have been in extreme overbought territory for too long. The rally has started to choke on the road to $ 20,000. This is a very serious psychological and technical resistance level for the market, and there was no doubt that this an obstacle would have been to test investor optimism “.
The price of bitcoin surged over $ 18,000 per bitcoin after a sell-off earlier this week … [+]
Coinbase
Bitcoin added nearly 40% in November, driven by its growing reputation as digital gold, interest from big Wall Street banks, and a number of high-profile investors calling it a potential hedge against inflation.
Bitcoin rally, triggered by news payment giant PayPal
PYPL
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