Ethereum Price Fights for $1,000

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ALTCOIN ANALYSIS JANUARY 23, 2018 22:42
Cryptocurrency Markets Make Bullish Pivot After Early-Week Lows
Bitcoin price
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The cryptocurrency markets pivoted back into the green on Tuesday following an early week dip that had forced the bitcoin price below $10,000 and led skeptics to declare that “the end of bitcoin” had arrived.

Analysts had generally attributed the correction to regulatory pressures in major markets, but positive news — such as a report that six Korean banks will begin issuing verified accounts to prospective cryptocurrency traders in tandem with the country’s ban on anonymous trading — may have contributed to this afternoon’s moderate recovery.

bitcoin price
Source: CoinMarketCap
At present, the cryptocurrency market cap is $531 billion, which represents a $45 billion recovery from its daily low.

Bitcoin Price Rallies Back to $11,000
The rally thrust the bitcoin price back across an important psychological barrier. Earlier on Tuesday, bitcoin’s $10,000 support level had collapsed, plunging the flagship cryptocurrency back into four-figure territory. However, after consolidating at $9,900, the bitcoin price surged back to $11,000 and is currently trading at $11,112 on Bitfinex. This represents a 21 percent increase from its intraday low and works out to a $188.4 billion market cap.

bitcoin price
Bitcoin Price Chart
Ethereum Price Fights for $1,000
This week’s market movements also dealt ethereum a severe blow — a blow from which it has not yet fully recovered.

On Tuesday, the ethereum price dipped below $1,000, declining as far as $905 on Bitfinex before reversing course. At present, ethereum is valued at $996 — a 10 percent increase from its intraday low and a daily gain of four percent — which gives the second-largest cryptocurrency a $97.6 billion market cap.