Cryptocurrencies On The Rise, Ethereum Spikes 12%

After a frequent downfall, cryptocurrencies finally took a rise on Friday morning in Asia as ICO (Initial Coin Offering) projects sold 3 times more Ethereum in the last ten days than in August.

Bitcoin rose by 1.56% to $6,500.1 at 10:34PM ET (02:34GMT) on the Bitifinex exchange.

Ethereum surged by 12.56% to $216.26 in the early 24 hours.

XRP/USD also edged up 2.71% to $0.28032 on the Poloniex exchange, where Litecoin settled 2.91% higher at $54.742.

As indicated in a report from TrustNotes came on Thursday, ICOs sold 1,60,000 Ethereum tokens in the past 10 days and another 1,20,000 sold in the early 20 days. This made a total of about $54 million worth of Ethereum tokens within the last 30 days.

Ethereum hit a 16-month low of $170.58 on Wednesday. The CEO of a crypto firm Galaxy Digital, Mike Novogratz tweeted on Thursday that bitcoin is at its bottom.

“I think we put in a low yesterday. Retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble…markets like to retrace to the breakout…we retraced the whole of the bubble.”

According to a Bloomberg report, Morgan Stanley (NYSE: MS) has some plans for trading in derivatives tied to Bitcoin after its rival Goldman Sachs Group (NYSE: GS) reported to abandon plans to open a desk to trade digital tokens owing to the unclear regulatory framework.

Even Japan echoed its sentiments regarding the rise in cryptocurrency prices. The software firm ‘Synchronoss Technologies, telecom group ‘Softbank’ and blockchain company TBCASoft ended up with a PoC (Proof of Concept) trial for a new mobile payments system that helps to enable the global peer-to-peer electronic payment system across the different carriers.

With this rise in cryptocurrencies, we are sure to see the rise in the investments too. Let’s see how this impacts the market and how it’s going to help the financial specialists or investors.