Earlier this week, cryptocurrency markets experienced another big downturn, the direct result of Bitcoin (BTC) failing to hold above the support level that existed around US$3,550. Bitcoin’s ensuing drop led most cryptocurrencies to plummet 10% or more, from which many of them have since recovered.
At press time, XRP (the native currency of the Ripple network) is currently leading the markets – up a whopping 15.5% on the day – while most other cryptos have seen decent gains.
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Today’s upwards price surge may signal that the markets are going to start a fresh upwards trend following their recent drop.
Today, Bitcoin was able to jump above US$3,500, which has allowed most cryptos to surge and recover a portion of their recent losses.
The recent market drop has led many traders to seek safety from the volatility by moving funds into Tether (USDT), which briefly overtook EOS to be the fourth most valuable cryptocurrency by market capitalization. In the time since, Tether has fallen behind EOS and is currently behind its market cap by under US$30 million.
