The cryptocurrency party is on again.
After being in a deep correction for a few weeks, Bitcoin, Ethereum, Ripple, and Litecoin have been coming back nicely over the last week, gaining 19.87%, 10.48%, 30.57%, and 53.90% respectively—see table 1.
Table 1
7-Day Price Change For Major Cryptocurrencies
Cryptocurrency %7d
Bitcoin 19.87
Ethereum 10.48
Ripple 30.57
Litecoin 53.90
Source: Coinmarketcap.com 2/16/18 at 10:30 a.m.
The turnaround in cryptocurrency markets comes as equity markets rebounded from the sell-off early in the month, with NASDAQ gaining close to 5% in the last five days—see table 2.
Table 2
ETF %5d
SPDR S&P 500 3.15
SPDR DJ 3.23
PowerShares QQQ 4.95
Source: Finance.yahoo.com 2/16/18 at 10.30 a.m.
Most notably, the cryptocurrency “technicals” remained strong, with 83 cryptocurrencies advancing and only 17 declining among the top 100 listed currencies—see table 3.
[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. Disclosure: I don't own any Bitcoin.]
Number of Cryptocurrencies That Advanced/Declined In The Top 100 Ranks
Cryptocurrencies Advance/Decline Number
Advance 83
Decile 17
https://www.forbes.com/sites/panosmourdoukoutas/2018/02/16/what-could-lift-bitcoin-ripple-ethereum-and-litecoin-prices-back-towards-new-highs/#7a2993d76476
