Cryptocurrency price actions have been nothing short of spectacular over the last few weeks. As investors waited through the current coronavirus crisis for a major Bitcoin boom, the world’s largest digital asset moved slowly but surely across the $7000 mark.
Altcoins had a field day on Sunday, too, when all of them in the top 10 club showed bullish gains. Ethereum and XRP have also witnessed healthy gains over the weekend. This was followed by a significant rise in positive sentiment within the investor community.
The entire cryptocurrency community has been looking at Bitcoin’s performance to gauge the performance of the market. As countries continued to reinforce its borders to protect itself from COVID-19, the financial world was going through its own turmoil. The S&P 500 and the Nasdaq had both fallen over the week with Bitcoin being a sole positive exception.
At the time of writing, Bitcoin was trading for $7025 with a total market cap of $129.12 billion. The 24-hour market volume for Bitcoin had risen to $26.24 billion after a 3.88 percent increase in its price. Bitcoin’s price rose from $6782 to $7059 in a matter of eight hours, a spike treated as a reprieve by a market hit my downturns.
Bitcoin was given a boost recently when Social Capital CEO Chamath Palihapitiya claimed that he was about the world’s largest cryptocurrency. He also shared opinions on the current state of the global economy and the steps that governments can take to come out of the current crisis. The former Facebook executive admitted that Bitcoin’s volatility was still too high, which still created problems for institutional investors. He had said:
“It’s still a speculative instrument, and it’s too speculative for it to be reliable. If you’re going to make the case that it should replace fiat currency, one thing you have to look at is the volatility of the U.S. dollar. You can’t replace it with something that’s nine sigma more volatile. It doesn’t work.”
The largest altcoin on the charts has been waiting for a price revival for quite some time now. On Monday, Ethereum was trading for $149.7 while the market cap increased to $16.5 billion. Ethereum’s daily increase was more than Bitcoin’s at 4.34 percent while its weekly hike clocked in at 14.8 percent. After the latest hike, Ethereum’s 24-hour market volume had risen to $13.7 billion.
Although Etherum’s price had not seen drastic changes earlier, one of its founders had already made waves in the industry. Charles Hoskinson, the current CEO of IOHK said that those interested in finding the actual Satoshi Nakamoto should use stylometry. Hoskinson believed that the secret to finding the elusive creator of Bitcoin was hidden in the cryptocurrency’s code itself.
Ripple, the Brad Garlinghouse led organization has been pushing hard on informing users that its cryptocurrency XRP had the utility to change the remittance market. Despite not seeing expected gains, the XRP Army has been unchanged in the support for the digital asset.
At press time, XRP’s value had increased to $0.18 from the $0.16 margin it had been holding before the week started. The market cap clocked at $8.11 billion while its 24-hour trading volume held at $1.95 billion. The third-largest cryptocurrency still had a long way to go in terms of the price increase as its 7-day hike was only 8.11 percent.
With the current uptrend, there are chances that XRP could shoot for $0.2 mark soon. The support had near the $0.17 mark while the 4-hour moving average had spiked over since last month.