Bitcoin & Ethereum Continue To Soar, Ripple Struggles
This weekend, not only have we seen temperatures soar in the UK, it also looks as if during the bank-holiday break, cryptocurrencies managed to take a little jump too.
This successes of the markets of late come in the wake of a very positive start to May. Overall, values have been on a steady increase, with some correction taking place and some reactive declines, yet these scenarios have remained to be quite short lived. As May continues to bring positivity, we expect many cryptocurrencies to reach new benchmarks and breach new thresholds as we crawl deeper into this month.
Let’s re-cap on how things have been this weekend.
Firstly, Bitcoin narrowly scrapes it’s $10,000.00 dream value. Hitting $9,958.23 on the 5th of May 2018. Since then, Bitcoin has seen a decline but still sits pretty at $9,376.69, up 0.33% at the time of writing. This is the first time in a while that Bitcoin has challenged the $10,000.00 mark and is surely, a sign of things to come.
Ethereum has also seen some good movement this weekend, breaching $800.00 and hitting a height of $835.06 on the 6th of May 2018. Of course, an element of correction has impacted Ethereum however, the currency is on it’s way back up to $800.00, at the time of writing, Ethereum is valued at $760.69 and is up 2.78%,
Ripple has had a slightly harder time this week, teetering at a resistance of around $0.90. The $1.00 set for Ripple seems to be almost impossible to breach with XRP rarely managing to remain above $0.90 for long periods of time. Once XRP can prove itself past the $0.90 mark, $1.00 will certainly be in sight, for now however, Ripple looks to be struggling on. At the time of writing, Ripple XRP is valued at $0.83 and is up 1.41%.
As the top three currencies according to their market capitalisation, by looking closely at Bitcoin, Ethereum and Ripple we can also see how the rest of the markets may have performed. Indeed, minus a few exceptions the trend has been leaning towards some bullish activity, but correction has eventually caused this to tail off, probably a little bit sooner than we would have hoped.
The outlook going into the rest of this week still remains positive. With Bitcoin brushing $10,000.00, further positivity going into next weekend may indeed see Bitcoin move past this once again. If Ethereum can get past $800.00 soon then we can also expect to see Ethereum stay afloat above this point for some time. Most importantly, Ripple XRP really needs to breach the barrier presented by $0.90, once this is surpassed, we will see Ripple XRP move into $1.00 territory, until it can hold its own over $0.90 however, this benchmark could be a while off, for now.
All round we have seen a very positive market over this weekend, should this good trend continue through the week, by Friday we could be seeing some very different values across the markets indeed.
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