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As this utility grows, Ethereum can break $3,000 and above, although its recent spectacular ascent may need a short period of consolidation before the next leg higher.
As always, the cryptocurrency space can, and has, made a sharp reversal in the face of positive sentiment and weekend markets bring extra volatility to the market so caution still needs to be exercised.
Heavy sell-offs in Bitcoin are not uncommon this year and if, as looks currently likely, history repeats itself it will not be too long before the market leader is back above $60k and eyeing new highs.
Bitcoin Cash has had a strong week and continues to re-trace its recent heavy sell-off.
One of this week’s star performers is Ripple which is up 15% today – $1.60 – and is nearly 50% higher over the last 7 days.
Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.