The past 24 hours have experienced volatile trading in the cryptocurrency market. Ripple (XRP) and Bitcoin SV have added to themselves to altcoins enjoying the green zone. The market cap of Ripple’s native coin, XRP, stands at $18,867,539,471 while the trading volume is $2,347,488,760 – the third biggest coin in the world is in green by 1.50% as we write this post. Bitcoin SV, on the other hand, has made to the top ten altcoins with a trading volume of $924,873,145 in the last 24 hours. Craig Wright’s cryptocurrency is up by a whopping 14% over the last 24 hours.
Bitcoin (BTC) price rose above the $9,000 mark only to dive its nose towards $8,500 level. Although the dive was experienced in a short time frame, the majority of the cryptocurrency market was hit by this volatility. Ripple (XRP) was among the affected altcoins but it went on to surge above $0.47. XRP managed to climb high above the 5000 SAT region. It is now using this level as support.
What Caused the Surge-back in the Price of Ripple (XRP)?
As TronWeekly analyzed earlier, the influx of positive news about XRP and Ripple has contributed to the price surge. Also, the announcement that XRP is available on Coinbase Pro for New York users has contributed to the stability, too.
The announcement made by Coinbase Pro sparked positive energy towards Ripple in investors. They believe that this was an indication that XRP will attract institutional investors from Wall Street soon. Although there was no substantial evidence that Wall Street will pour its money into XRP; investors didn’t want to let their fortune disappear. They started buying in bulk when the price was low. This, in turn, led to the cumulative buying pressure resulting in the rise in the price of XRP.
Bitcoin SV Spikes
Bitcoin SV (BSV) has marked a feat no one expected. Despite being delisted from exchanges like Binance and Kraken, the altcoin has managed to be the top gainer. This comes after it had dropped by over by 20 percent in a single day in April.
As of now, BSV occupies the 8th position from 15th spot. This is a massive 237% climb with the price ranging from $53.22 to $217.
Reasons for the Spike
Some are still wondering what exactly pushed BVC to such enormous heights? Nonetheless, some experts think it is because of the previous double bottom.
According to the Twitter user Will, the BSV climb was because of double bottom that took all buyers to stop from normal running. He says the correction is already in place and BSV should return to where it was in the few days coming up:
the only thing that made BSV climb, was the double bottom in the graphic, took all the buyers stop, graphic background, normal running, is already in correction, should return to where is the red arrow in the next days. pic.twitter.com/AToMzPFfdj
— Will.i.An (@WILLIANSANFS) May 30, 2019
The Binance delisting news also contributed to the hype around Bitcoin SV, bad marketing works sometimes too. But in the change of events, it made some investors into believing Bitcoin SV was not worthy. After the upward trend, some had to change their views.
Another Twitter user writes,
“I’m debating on opening an account elsewhere to trade BSV. I have BSV on Coinbase I just don’t want to transfer it. I don’t want to write every transaction for the purpose of tax. Would love to spend some money please add BSV trading.”
The Bottom Line
It looks like the current wave is in favor of altcoins – but not all. Bitcoin SV (BSV) is the biggest winner. It has gained over 15% in a period of 24 hours. It remains a hot-bid in Asia. The currency is changing hands at $220 at the time of writing.
Cosmos and Ethereum Classic have also had a good run. They have gained over 5% in the past 24 hours trading at $6.67 and $9.48 respectively. While everyone else except Bitcoin SV including Bitcoin in the top 10 list is in the red, Ripple (XRP) is trading in green numbers.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.