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 recognized that blockchain currency has future potential, and Samsung is rumored 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.