Cryptocurrency: A respite rally

As markets continue to hold the interest in the digital currency despite the concerns over the Asian regulatory clampdown, the world’s most traded virtual currency, Bitcoin is observed to build onto its last two days of rebound from the $ 9,900 levels. The spot jumped about 4.25% at the time of writing to $11,427 after hitting the highest levels in three days at $ 11,723.

The price remains confined within the range of $3000 despite the solid rebound as the market anticipates bulls are gathering pace for a further uptick. The immediate bearish outlook on bitcoin has been neutralized due to persistent demand around the $10,000 area and hints that a base is being built for a move higher.

In the meantime, the latest rise in the Cryptocurrency prices was observed after Weiss Ratings released its first ever, highly anticipated, Cryptocurrency Ratings wherein it was observed that all the currencies in the listing were unable to get an A rating. Weiss Ratings noted in its assessment of Bitcoin that “Bitcoin (rated C+) gets excellent scores for security and widespread adoption. But it is encountering major network bottlenecks, causing delays and high transactions costs. Despite intense ongoing efforts that are achieving some initial success, Bitcoin has no immediate mechanism for promptly upgrading its software code,”. It further explained “Ethereum (B), the second most widely adopted cryptocurrency, benefits from more readily upgradable technology and better speed, despite some bottlenecks,”

In other news, on Wednesday, Stellar’s XLM coin outperformed its rivals after an online payment service provider named Stripe announced its plans of adding XLM support in its system to phase out the Bitcoin use over a period of time. During the day, the XLM/USD pair jumped about 20% before consolidating its gains and was last observed trading at $0.56 and was still trading up at 14% on a daily basis.

Meanwhile, in an interview with CNBC, Dan Ciotoli from Bespoke Investment Group said that Bitcoin was likely to attain the $20,000 and $30,000 levels by the end of this year and said “The driver that I think is going to bring bitcoin up in 2018 is bitcoin-denominated commerce.”

The other most-traded cryptocurrencies observed an uptick in Ethereum trading at $1,061, up 6.21% for the day whereas Bitcoin cash rallied 2.86% at the time of writing. In addition, the market capital of the cryptocurrencies has increased to $ 568 billion with the market capital of Bitcoin heading towards the figure of $ 200 billion.

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