All cryptocurrencies had a falling trend in their price last week. Bitcoin, with the largest cryptocurrency market in the world, reached $4000 during last weeks, but its price again decreased to about $3400; although, today, January 14, a suitable market formed for cryptocurrencies. Almost all cryptocurrencies experienced a definite rise in their prices recently.
The price of Bitcoin rose to about $3700 and experienced a 250-Dollar increase in only a couple of hours. On the other side, other cryptocurrencies had a similar experience. Ethereum had a 7-percent increase, and its price reached 130 dollars per Ethereum.
The price of Ripple rose by 4%. One of the highest increase rates among all cryptocurrencies was in Tron; although this cryptocurrency experienced a sharp price drop last week, it faced a-higher-than-15% increase in a day.
The Reason for the Increase in Prices
Not one specific reason can be stated for the increase in the price of cryptocurrencies. Yet, there were many reports about the more significant activities of investors in the field of cryptocurrencies, which seems like it was effective in the cryptocurrency price increase. On the other hand, the reports about the augmentation in the activity of Bitcoin whales has had a dramatic influence in the trades of the Blockchain technologies. Bitcoin whales are wallets that hold a considerable proportion of Bitcoins and other cryptocurrencies. The assets of many Bitcoin whales are more than hundreds of thousands of Bitcoins, and by moving their capital, they can easily control the price of cryptocurrencies.
It seems that the increase in cryptocurrency prices will continue until the end of the current week.