by Michael Henris on December 5th, 2017

Major Cryptocurrency forecasts for December 2017

Many people who are enthusiastic about Cryptocurrency appear to agree that Ethereum and its main rival Bitcoin will be around for at least ten years. The growth of the Cryptocurrency market as a whole has been tremendous especially in the past one year. The future of the alternative current market and particularly the major players such as Bitcoin, Ethereum and XRP or Ripples is definitely something every Cryptocurrency trader should look into.

The performance of Bitcoin in December 2017

Last week saw the scary plunge in the price of Bitcoin by 20%. Many Cryptocurrency players were scared while others were positive that the price would shoot right back up. On Sunday, the price of Bitcoin clocked a high of $11,831. That is a whopping 30.5% rise from a low of $9,021 since last Thursday.

You don’t have to worry what you can buy using Bitcoin. You can do a lot using this currency. It is currently experiencing great growth and it seems there will be more before the month of December comes to a close. Bitcoin has enjoyed a week-on-week growth of 18%. It has enjoyed a monthly growth of 50%. This makes it one of the best items to buy into in the month of December 2017. Bitcoin’s failure to reach previous record high shows an exhaustion of its bullish momentum. Today, Bitcoin reached a high of $11,794.79 and a low of $11,616.85. Market capitalization for the currency stood at $0.197T.

The performance of Ethereum in December 2017

Ethereum is the main competitor to Bitcoin in the Cryptocurrency market. In the last week of November, Ethereum’s price plunged just like that of Bitcoin. Between 2016 and 2017, Ethereum has grown by 3,000%. Compared to Bitcoin which has grown by 141% over the same period, it is easy to see why ETH increasingly becoming popular. Ethereum has been around for just two years and Bitcoin for 8 years. Bitcoin was designed to be a currency from the start while both and Ethereum and Etherum classic were meant to be a meant to help parties enter into a contract without a third party.

The opening price for Ethereum today was $469.38. It had a low of $464.29 and its high was $473.46.The market capitalization of this Cryptocurrency as of today is $44.87B. Ethereum is transforming the cryptocurrency market in a fun way. Investing in crypto kitties is the new trend in the market. The popularity of this project is so intense that the Ethereum Blockchain has already started showing signs of strain. Users have so far spent over $3 million on the breeding of these cuddly kittens. The future of this cryptocurrency especially in December is bound to be brighter when one considers the innovative technology in play.

 XRP cryptocurrency performance in December 2017

XRP is a system which is designed to facilitate global financial transactions. It offers banks and payment providers a reliable source of liquidity for cross-border transactions. It is also referred to as Ripple. Earlier this year, XRP enjoyed a growth of 6000% from $0.006523 to $0.4056. Its current competitor is Bitcoin Cash.

Ripple recently sent the market awash with news that it intends to expand to China. Even though the Chinese market is not very accommodative of the cryptocurrencies, the announcement by Ripple will definitely reflect on its price in December 2017 and 2018 forecast. Today, XRP opened the market at $0.25. There was no change in the price throughout the trading hours.

What to expect?

Cryptocurrency is definitely attracting many investors. The new rebound of the prices after the November scare and the increased number of players in this market will definitely make December a far more active month than the past months.

By Michael Henris

Michael spends most of his time on ForexNewsNow trying to analyze all the different stories that are reported about the financial markets every day. All of his articles always contain some kind of analysis of what an interest rate change or a planned meeting from politicians could do to currency exchanges.

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