Ripple Leads the Cryptocurrency Rally, Dogecoin Creator Remarks are Weighing

Cryptocurrencies soared in Tuesday’s market across the board, after making sideways movements in the last two sessions, supported by South Korea’s decision to track cryptocurrency trading accounts. The report of adding taxes and tracking trader’s data contrasted with the earlier comments of completely banning the cryptocurrency trade in domestic markets.

Ripple (available on Binance) (XRP) generated gains of more than 14% in Tuesday trade, while Bitcoin (available on Coinbase) Cash (BCH) price increased 7% after posting losses at the beginning of the day.

Ripple (available on Binance) was the best performer among the top ten cryptocurrencies following the final announcement from South Korea. Ripple (available on Binance) was widely traded in South Korean markets. Thus, the announcement of not prohibiting traders from cryptocurrency trading increased investor’s sentiments.

Source Image: CoinMarketCap

Bitcoin (available on Coinbase) price soared above the $11,000 mark in Tuesday’s market, after hitting the level of $10,000 mark in early trading. Bitcoin (available on Coinbase)’s market capitalization hovers above $187 billion in Tuesday’s trades, down significantly from the all-time high of $330 billion.

Ethereum (available on Coinbase) (ETH) price gained more than 4.31% in Tuesday trade. Ethereum (available on Coinbase) price currently stands just above the $1,000 mark. Investors have updated their outlook for Advanced Micro Devices, Inc. (NASDAQ:AMD) and NVIDIA Corporation (NASDAQ:NVIDIA), supported by the dependence on Ethereum (available on Coinbase).

Morgan Stanley said, “contrary to popular belief, Bitcoin (available on Coinbase) is irrelevant to graphics vendors because it moved to application-specific integrated circuit chips several years ago. Instead, most graphics-based mining is being driven by Bitcoin (available on Coinbase) rival Ethereum (available on Coinbase) at this point.”

On the negative side, Dogecoin creator has suggested investors avoid trading Bitcoin (available on Coinbase), Ripple (available on Binance), and Ethereum (available on Coinbase). He believes the huge rise in the price of these cryptocurrencies with limited technical development shows the sign of the bubble.

The co-creator of the “joke” cryptocurrency Dogecoin said, “Bitcoin (available on Coinbase) and other cryptocurrencies such as Ripple (available on Binance) and Ethereum (available on Coinbase) are having “dumb money” thrown at them by investors who are afraid of missing out on the digital currency mania.”

Moreover, several analysts expect a bumpy ride for cryptocurrencies in the following months, amid the looming regulatory concerns. Aside from South Korea, Central Banks all around the world are planning to regulate digital currencies in a bid to collect taxes.