Crypto Week in Review: Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin Experience Solid Price Bursts

Several major assets including Bitcoin, Ethereum, Bitcoin Cash, Ripple, and Litecoin spent the first half of the week lingering in the red, with Bitcoin falling to $6,700 after a $7,000 weekend "High."

Ethereum and Bitcoin Cash had seemingly fallen by three percent each, while Litecoin experienced little to no action, hovering between $114 and $117 over a period of several days.

The market took a relatively positive turn after figures like George Soros - a long-time opponent of Bitcoin - announced that his company Soros Fund Management had received the go-ahead to begin trading cryptocurrencies within the next few months.

To some, Bitcoin appeared to be taking on behavioral patterns similar to those of 2015, notably when the currency fell by over 50 percent.

It was suggested that Bitcoin would follow a similar path in 2018, but that no longer seems plausible given its sudden spike to $8,100 in less than 48 hours.

The rise comes after it was announced that Yahoo Japan would be investing a 40 percent stake in the popular cryptocurrency exchange BitARG. Both institutions had remained relatively silent over the last month regarding their partnership, with executives at BitARG saying they were merely exploring "Various possibilities" when it came to potential investments, but now it appears Yahoo is the "Man behind the curtain." The investment is equal to about two or three billion yen - roughly $18 to $27 million in USD. As the country's primary online auction site, Yahoo Japan becomes the latest large financial enterprise in Japan to shrug off security concerns and enter the cryptocurrency market.

Several analysts remain bullish about Bitcoin's future, with Fundstrat's Tom Lee explaining that he still believes Bitcoin will strike the $25,000 mark by the end of 2018.

Tech billionaire Tim Draper is even more enthusiastic, saying that one Bitcoin could be worth approximately $250,000 by 2022.

At press time, Bitcoin is trading for nearly $1,200 above where it stood on Wednesday.

Bitcoin Cash has risen to $735, and Litecoin stands at $125. Did you like this article? Join us.