By Investing.com

02 January 2018

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The price of the digital currency bitcoin slipped lower on Sunday but was holding above the $13,000 level, while Ripple eased after a year-end rally that saw it surpass Ethereum to become the second largest digital currency after bitcoin.

Bitcoin was trading at $13,140.00 by 10:15 AM ET (15:15 GMT) on the Bitfinex exchange, after going as low as $12,787 earlier.

The digital currency had risen around twentyfold since the start of 2017, climbing from less than $1,000 to as high as $19,891 on 17 December on Bitfinex and to more than $20,000 on other exchanges.

However, it has posted heavy declines since, falling as low as $10,718 on December 22.

While bitcoin investors believe the decline was a natural correction after a breath-taking rise there have been warnings of an asset bubble from market regulators and central banks.

Meanwhile, Bitcoin Cash was last at $2,323.5, while Bitcoin Gold was at $238.97.

Elsewhere in cryptocurrency trading, Ripple was trading at $1.89 on the Poloniex exchange after touching a record high of $2.39 on Saturday.

Ripple’s market cap rose more than 50% on Friday, to a record $85 billion. Its market value continued to climb over the weekend, peaking at over $100 billion, knocking Ethereum into third place after bitcoin, with a market cap of $72 billion.

Bitcoin’s market cap is roughly $220 billion.

Ripple rose in value by more than 19,600% over the course of 2017. It began the year trading at around $0.006 and ended at $1.97.

Ripple’s gains in 2017 outstripped the gains of Ethereum and bitcoin, which rose by roughly 9,000% and 1,400%, respectively.

 

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This article was originally published at Investing.com.

2018-02-23T23:15:16+00:00

By Jeff Desjardins

from Investing.com

10 December 2017

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Gold prices rose to fresh three month highs on Tuesday in the first trading day of 2018, propelled higher by a weaker dollar.

Comex gold futures rose 0.21% to $1,312.20 a troy ounce by 03:45 AM ET (08:45 AM GMT), the strongest level since September 26.

Recent weakness in the dollar has supported gold prices by making the dollar-denominated metal cheaper for holders of other currencies.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.36% to 91.66, the weakest level since September 22.

The index ended 2017 down 9.8%, the biggest annual percentage decline since 2003.

The dollar weakened in 2017 as the global economy gained momentum fueling expectations for tighter monetary policy in other countries, which would lessen the divergence between the Federal Reserve and other central banks.

Market watchers were looking ahead to Wednesday’s minutes of the Fed’s December meeting for further hints on the future path of monetary policy.

Investors were also awaiting Friday’s U.S. nonfarm payrolls report for December.

Elsewhere in metals trading, silver was down 0.26% at $17.10 a troy ounce, platinumadded 0.31% to trade at $941.20 a troy ounce and palladium traded up 0.38% to $1,065.00 a troy ounce.

Palladium posted the strongest increase among precious metals in 2017, advancing 57% amid concerns over the supply outlook.

Copper dipped 0.14% to $3.296 a pound. Copper prices added 31% for the year in 2017 as prices of the industrial metal were boosted by robust demand from China, the world’s largest base metals consumer, as well as a favorable global economic outlook and supply disruptions around the world.

 

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This article was originally published at Investing.com.

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