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Ethereum Eyes Test of All-Time Highs as Rivals Struggle To Pare Losses

Cryptocurrency NewsJan 12, 2018 03:16PM ET
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Investing.com – The price of Ethereum’s ether rose on Friday as the cryptocurrency eyed a test of its recent all-time a day after a sea of red swept over the industry wiping millions of dollars from the cryptocurrency market.

Ethereum, the second largest cryptocurrency by market cap, rose 7.43% to $1,225 nearing its recent all-time high of $1,382 earlier in the session.

The move higher comes after panic selling spread across crypto-markets on Thursday, wiping as much as $100 million from the market amid reports that South Korea was preparing to ban cryptocurrency trading. These reports have since been refuted by South Korean government officials.

South Korea plays a pivotal role in ethereum trading activity as more than more 10% of ethereum is said to be traded against the South Korean won.

Ethereum has notched several all-time highs over the past few days, boasting more than a 25% rise in just seven days as it nears its ‘Casper’ software update that aims to improve security and scalability on the network.

Bitcoin Steadies, Bitcoin Cash Turns Positive

Bitcoin steadied as pressure eased on the popular digital currency after China’s purge of its bitcoin mining industry is said to have a limited impact as miners are reportedly unlikely to cease mining activity but rather move operations away from Beijing’s regulatory purview.

Bitcoin Cash, widely believed to be a “real” alternative to bitcoin as it boasts both faster and cheaper transactions, rose 2.47% to $2,556.3. The cryptocurrency has suffered from the recent crypto sell-off as it remains roughly unchanged over the past seven days.

Ripple Rise on MoneyGram Euphoria Fades

Ripple (XRP) fell 3.70% to $1.96 after reaching an all-time high of $3.28 last Thursday.

Ripple has slumped more than 30% over the past seven days despite growing signs that RippleNet, the technology behind the cryptocurrency, continues to garner support from major financial institutional. Moneygram announced Thursday it will partner with Ripple to test the startup's XRP token for international payments.

Yet many consider Ripple to be fulfilling a long-held belief that blockchain technologies provide the ideal platform to facilitate payments.

Goldman Sachs (NYSE:GS) recently said while government regulation and excess volatility represent hurdles to wider cryptocurrency adoption, bitcoin and other cryptocurrencies may offer viable alternatives to traditional financial services in countries where the financial system of money is inadequately supplied.

Ethereum Eyes Test of All-Time Highs as Rivals Struggle To Pare Losses
 

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