The cryptocurrency market has been stuck in a sideways rut for some time now and investors are betting on a revival soon. Prices and market volumes had increased a few weeks into the coronavirus situation but since the start of April, the top crypto honchos were finding it difficult to find earlier bullish rhythms.
Analysts have claimed that during these pressing times, the digital asset market needs to step up and act as a safe haven asset. Bitcoin, which has been trading near the $7000 mark for the past week has made it a point to keep its holders on their feet with anticipation.
Bitcoin, the world’s largest cryptocurrency has had a rollercoaster 2020, starting off on a high and then crashing towards the end of February. At press time, BTC was trading for $6729 with a total market cap of $123.3 billion. The 24-hour market volume was holding at $39.007 billion after a 1.63 percent decrease in the price over the past day.
The cryptocurrency witnessed a price fall today [April 13] when the value fell from $7110 to $6688 in a matter of hours. This might just be a market correction but at this point, investors are advised to tread lightly.
Bitcoin‘s closest rival Ethereum was also showing signs of steady growth as it traded for $153.7. The largest altcoin in the industry had a market cap of $16.99 billion and a 24-hour market volume of $16.7 billion. Ethereum was the biggest weekly gainer in the top 5 club with a 2.92 percent growth in the weekly timeframe which elevated its price to $153.3.
Ripple’s native cryptocurrency XRP has had a difficult year as it started the year with a price dip. Despite this, the XRP Army has remained confident in the cryptocurrency’s ability to break earlier resistances. On April 13, XRP was trading for $0.18 with a total market cap of $8.12 billion. While the 24-hour market volume had crossed the $2.3 billion, it was still the lowest figure in the top 5 cryptocurrency club.
Bitcoin Cash‘s performance on the charts has turned a lot of heads in the cryptocurrency space because of its sheer volatility. The fifth largest cryptocurrency on the charts was trading for $226.8 with a total market cap of $4.16 billion. Bitcoin’s hard fork also saw its 24-hour market volume trail behind its market cap by clocking $3.42 billion in daily trade. Looking at the price charts, it is quite evident that the new week had brought with it bearish dips.
Bitcoin SV, BCH’s network fork was one of the biggest gainer over the past few weeks. Bitcoin SV was one of the few cryptocurrencies showing complete green across the hourly, daily and yearly spectrum. At press time, BSV was worth $186.67 and held a market cap of $3.4 billion. A weekly gain of 4.11 percent enabled it to stay clear of its closest rival, Litecoin, in terms of both price and market cap.