- Borislav Ivanov
Cryptocurrencies – our daily report
Bitcoin
Since the start of October, Bitcoin (the first cryptocurrency) has skyrocketed in price. This is the second extreme wave of volatility in Bitcoin prices this year. Since its sharp decline, due to environmental concerns, which were deepened by a twitter post by Elon Musk, the price of this cryptocurrency has nearly doubled. Now it would be a good time to invest in Bitcoin, although you should invest only as much as you’re comfortable losing.
Price at its lowest this year: $30,191
Price at its highest this year: $63,729
Current price: $60,740
At this rate, Bitcoin is most likely going to reach a new all-time-high in the next couple of days. Why has there been such a sharp increase in price as of late? It is not certain; however, it might have something to do with China outlawing Bitcoin mining operations, which has made the United States the largest producer.
Ethereum
Ethereum has also been on the rise as of late, although not as sharply as Bitcoin. It is also close to reaching its all-time-high and maybe surpassing it, but we can’t say that for certain. Ethereum is a good investment, as it has shown the tendency of growth, while it is much less volatile than Bitcoin.
Price at its lowest this year: $733
Price at its highest this year: $3,976
Current price: $3,886
Dogecoin
The Australian parody cryptocurrency has been relatively stable during the past couple of months. Unlike other cryptocurrencies, there isn’t the tendency for a sharp increase in price for Dogecoin. The investment potential of Dogecoin is great, as more and more websites and businesses allow transactions, using the currency.
Price at its lowest this year: $0.005173
Price at its highest this year: $0.671
Current price: $0.239
Ripple (XRP)
Ripple has been relatively stable throughout the second half of 2021. Currently, it is in its second price spike, although it has not showed the potential of reaching a new all-time-high soon. It is a decently stable investment, but you should never invest too much in any cryptocurrency.
Price at its lowest this year: $0.238
Price at its highest this year: $1.81
Current price: $1.14