There has been a sharp dive in the value of all cryptocurrencies recently. Hacking attacks and lack of political backing in cyber currency have been the main cause of this loss in value. Taking advantage of the price of Bitcoin chains has proven fruitful for several investors. However, things are starting to pick up, with the top few coin types starting to rise again. There has been a number of “Bull Runs”. In particular, China-based coin Neo has risen in price. After the market dip, Neo went up 18%.
This increase in the value of cryptocurrencies is likely due to new backing by financial and corporate institutions.
Circle, a cryptocurrency-based financial firm, was recently given backing by Goldman Sachs. This shows major financial institutions are looking to Bitcoin economics as an opportunity. What’s more, government regulation of cryptocurrency is of increasing interest for several nations. Corporations have also recognised that blockchain currency has future potential, and Samsung is rumoured to be announcing a partnership with Electroneum within the week.
These developments are likely the reason for the sudden resurgence in the value of cryptocurrencies in the market.
NEO Live chart
Crypto Pecking Order
Ethereum was formerly the second highest value coin on the market. However, it has now been succeeded by Bitcoin Cash. As of writing, Bitcoin still reigns over all other cryptocurrencies with a price of over $10,600. Bitcoin Cash tails behind it at $1,200+. Ethereum, meanwhile, has been lowered to third place with a current price of $870.
After this week’s Neo “bull run”, crypto investors have debated which lesser-known cryptocurrencies will soon rise in value. The most discussed coins that are now cheap to buy are NEM, ICON, Ethos, Substratum, High Performance Blockchain, Theta Token and Internet Node Token.
Crypto experts are investing heavily in these seven coins in anticipation of a bull run on one or all of them. Substratum, in particular, is likely to rise in price due to its popularity. Experts believe its decentralised system of commerce will revolutionise the way cryptocurrency transactions are applied in the future. This is debatable; however, the buzz from this debate could make Substratum rise in value.