Bitcoin prices and cryptocurrency markets have improved marginally in the last 24 hours. At 13:20 UTC, the price of a single bitcoin was $10,217.41, up 3.94% in the last 24 hours. Earlier this morning, it had dropped to a low of $9,676.90.
South Koreans have buoyed the original cryptocurrency once again, and it is changing hands at a kimchi premium of $200 in exchanges there. But chances that bitcoin will sustain the current uptick in prices are low.
Among the top 10 most valuable cryptocurrencies, Litecoin and Bitcoin Cash – both of which had sustained the biggest losses yesterday – recovered partially. Litecoin was up by 6.15% while Bitcoin Cash increased by 6.42% in its price in the last 24 hours. The overall market capitalization for cryptocurrencies was $453.2 billion at 13:52 UTC, up 5% in the last 24 hours.
Which Forks Should You Watch Out For?
Bitcoin is expected to undergo 50 forks this year. (See also: Will Bitcoin Undergo 50 Forks In 2018?) They are an excellent opportunity to purchase or get a new coin for cheap (or free).
If your research is thorough, then the coin’s price will go up. Case in point: Bitcoin Cash. Tom Lee from Fundstrat Advisors, an early bitcoin proponent, has come out with a list of scheduled forks and airdrops that will generate coins which may provide competition to bitcoin. Included among these are forks of Bitcoin Private (on Feb. 28) and Monero’s fork of MoneroV (on March 14).
Meanwhile, regulators around the world are still grappling with the hydra-headed monster of cryptocurrencies to bring it within a legal framework. (See also: Bitcoin Government Regulations Around The World).
This morning, John Glen, the UK’s economic secretary to the Treasury, told journalists that the Bank of England does not plan to issue its own cryptocurrency. “However, the bank is undertaking research to better understand the implications of central bank issuing a digital currency,” he said.
Austria is planning to use its rules for gold and precious metals as a blueprint for bitcoin and other cryptocurrencies. The country’s finance minister said that “more trust and more security” is required in virtual currencies.
Meanwhile, the Chairman of the State Duma Committee in Russia has proposed legalization of cryptocurrencies to attract investment from foreign governments and circumvent economic sanctions. But the country's finance ministry seems lukewarm to the idea of a CryptoRuble. In the United States, the Assembly Majority Leader in California’s State Assembly has introduced a bill that recognizes smart contracts in the state’s court system.
Investing in cryptocurrencies and other Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns small amounts of bitcoin.