Published: Sun, January 07, 2018
Economy | By Melissa Porter

Big Year For Cryptocurrencies As Ethereum Hits $1000 For First Time

The cryptocurrency has seen a spurt in its price over the past couple of weeks.

What's Next: Ripple tweeted Thursday that three of the top five global money transfer companies meant to use XRP in 2018 payment flows.

Ripple's recent price surges have been met with mixed reactions - while some investors and traders have voiced their enthusiasm, others have expressed suspicion and unease at the lack of clarity regarding the driving factors behind the surge.

In the follow up, Ripple, the second largest crypto by market cap, saw its valuation tank over 20%. Ripple is also centralized, created by its namesake company as a.Bitcoin, on the other hand, is almost completely unregulated. At current rates, one Bitcoin is worth about $16,000 (£11,800). Indeed, the philosophies behind bitcoin and XRP are polar opposites.

What's Important: Cryptocurrencies and blockchain stocks continue to explode, with XRP rallying 67 percent between Monday and Thursday. Our mission is to be the most trusted and easy-to-use digital currency exchange. Conversely, XRP is built from the ground up to be the latter.

How is Ripple different to bitcoin? They are held by Ripple Labs and distributed when it sees fit, like how governments print more money and distribute it when necessary. With this particular cryptocurrency already being given legitimacy by being used in the world of finance, it is more secure than bitcoin.

Ripple's XRP cryptocurrency is surging off previous intraday low prices, down just 4% Friday afternoon, following an anonymous and unconfirmed report that said Western Union planned to use its blockchain technology for money transfers. Consult your financial advisor before investing in any cryptocurrencies.

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