It’s not just bitcoin. A number of cryptocurrencies are posting even gaudier numbers than the progenitor of digital money.
Cryptocurrency exchange Luno has added the ripple, or XRP, cryptocurrency to its platform in response to growing demand for so-called “altcoins”.
Japanese cryptocurrency exchange Bitpoint suspended all services after losing about ¥3.5-billion (R445-million) in a hack that involved ripple and other cryptocurrencies.
The slide in cryptocurrencies accelerated on Monday, with bitcoin piercing below the $5 000 mark for the first time since October 2017.
Ripple Labs is gaining new customers because financial firms are seeking faster, more up-to-date technology than the Swift banking network, CEO Brad Garlinghouse said.
The cryptocurrency widely known as ripple is on a tear. Problem is, that’s not its actual name. That would be XRP, a token created for use on the Ripple payment protocol back in 2012.
Cryptocurrencies surged on Friday as optimism surrounding Ripple Labs’ plans for using a digital coin spread, lifting peers that have lost more than $600-billion of value since January.
Cryptocurrencies dropped sharply for the second time in less than 24 hours, sinking toward a nine-month low amid concern that broader adoption of digital assets will take longer than some anticipated.
The market’s biggest digital coins dropped sharply on Wednesday amid a report that Goldman Sachs Group is pulling back on near-term plans to set up a cryptocurrency trading desk.
Bitcoin recovered from the lowest level since June and scores of smaller digital tokens rallied as concern eased that investors are giving up on the virtual alternatives to cash after this year’s collapse in prices.