[ad_1]
Bitcoin and rival cryptocurrencies Ripple and Ethereum are slowly recovering after the values have returned to new lows over the weekend.
The price of a bitcoin fell below $ 3,200 (£ 2,535) on Saturday afternoon, before returning to around $ 3,300 (£ 2,615) starting at 9am this morning, according to data from the CoinMarketCap ranking website.
The ripple rose from lows of $ 0.28 (£ 0.22) per coin on Saturday to $ 0.30 (£ 0.24) on Monday morning.
Meanwhile, Ethereum dropped to $ 82.83 (£ 65.65) on Friday – a new historic low for 2018 – but posted significant gains over the weekend. As of this morning, virtual currency is priced at almost $ 87 (£ 69).
Jeremy Allaire, co-founder of the Circle Money Transfer App, told CNBC that the continued downward trend in cryptocurrency could be reduced to the decline in mining profits, where powerful computers are used to unlock multiple virtual tokens.
However, Allaire has insisted that bitcoin has "a very significant role to play" in the financial world and that the growth of new virtual currencies using bitcoin blockchain, the technology that supports the token, can bring back some of the investors who have cashed during 2018.
Bitcoin "will certainly evaluate much more than it is today", he added.
The digital currency and its rivals seem unlikely to get together long before Christmas, though.
According to the FXStreet market news site, the analysis of the value of cryptocurrency suggests that "the fund has not yet been reached" for the bitcoin and that prices must continue to rise at a steady rate if we want to avoid further sales .
The FXStreet forecasts were taken from the Bitcoin Exchange Guide cryptocurrency website, which notes that the cryptocurrency market remains unstable.
