Investing.com – Bitcoin has recovered from the lowest level since June, while Ethereum has risen above the $ 300 mark once again on Friday.
"The cryptographic market seems to be in its final stretch of its bearish state," Chris Yoo, a portfolio manager at Black Square Capital, said in an e-mail. "This correction is not unexpected due to the overestimated nature of many blockchain projects and regulatory uncertainty."
wasup2.8% to $ 6,497.7at 1:10 AM ET (05:10 GMT) on the Bitifinexexchange.
traded5.8% more at $ 302.1 on the Bitifinexexchange.
jumped 6.8% to $ 0.30225 in the last 24 hours on Poloniexexchange, with a level of 3.4% to $ 56.879.
Ethereum began its recovery on Thursday after the co-founder of the Vitalik Buterin network gave an update on the so-called Casper protocol update, which should solve the problems of downsizing. In a 75-post "tweet storm", Buterin promised that the update, intended to accelerate the speed of transactions, was approaching.
The speed of Ethereum transactions tends to be between three and seven transactions per second, still far from the thousands per second that credit card companies can process.
Meanwhile, Arthur Hayes, CEO of cryptocurrency derivatives trades BitMEX, said nerve capital might soon begin to come out of their ICO tokens and ether holdings and have predicted that Ethereum prices could fall below $ 100 this year
analysts believe the cryptocurrency movement this week is due to concerns that ICO investors are cashing in to cover their expenses due to the concerns that the cryptocurrency supports the market. The senior market analyst at eToro Mati Greenspan said the valuation was missing and said that the strengthening of the US dollar had an impact on encryption prices.
"As the United States moves to tighten its economy and avoid strong inflation, you are taking steps that are strengthening the dollar, because the US dollar is the global reserve currency, many smaller economies rely heavily on stable exchange rate with the greenback, "wrote Greenspan. "Likewise, given that the dollar is viewed as a stable value reserve at the moment, there is not really much incentive for people to keep their money in digital assets."
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