Bitcoin Rises as Ripple's Allure Fades for Manic Crypto Traders

(Bloomberg) -- The roller coaster that is the cryptocurrency market is alive and well.

Ripple, the white-hot cryptocurrency that has more than doubled in the past week, fell as much as 39 percent from the all-high reached yesterday. Bitcoin, which has lost some of its luster as of late to its smaller rival, was up as much as 11 percent Friday.

Ripple fell to as low as $2.16 after reaching an all-time high of $3.32 Thursday. The coin was down 16 percent on the day to $2.44 as of 1:12 p.m. in New York. Ripple last week surpassed ether as the world's second-most valuable cryptocurrency after bitcoin.

Coinbase, one of the largest crypto exchanges, said in a Twitter post Thursday by its chief executive officer that it had not made a decision to add new coins. “Any statement to the contrary is untrue and not authorized by the company,” Brian Armstrong's feed said.

Coinbase currently offers trading in bitcoin, bitcoin cash, ether and litecoin.

To contact the reporter on this story: Lily Katz in New York at lkatz31@bloomberg.net.

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka, Randall Jensen

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