Will Bitcoin Price Keep Rising?? + RIPPLE XRP Being Used by Coinbase to Support Free $ Transfers!
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Now on CoinMarketCap, this was definitely a pleasant surprise. The cryptocurrency market has really surged and sprung to life.
As you guys can see here, for the top 10 cryptocurrencies, there is a significant increase in value for all the tokens, aside from our stablecoin Tether. But we’re not just looking at small increases, these are double-digit greens across the board. Now for Bitcoin, Ethereum and XRP, It has increased by 15.68, 14.34, and 11.51 per cent respectively. Notable mentions to Litecoin with a surge of 22.54 per cent, EOS with 17.09, and Bitcoin Cash with a whopping 33.24 per cent boost. In the short-term, these are crazy boosts and increases to the cryptocurrency market. Now when we scroll down to observe the top 20, you can also see this trend continue.
While there are major increases, not everyone is in double-digit surges. These boosts are nevertheless still pretty big considering Tron, Bitcoin SV, and Monero have all increased by 10.25, 13,72, and 14.48 per cent. What a great way to kick off this next month. I’m guessing a lot of you are wondering why this is the case, when did the surge happen, and what is going on, and that’s something I’m looking to answer now.
So the cryptocurrency market has been quite stable in the last few months with Bitcoin remaining under the $4,000 mark for several months. On Tuesday afternoon, in Asia, on March the 2nd, the total capitalization of all digital assets jumped to $160 billion for the first time since November 2018, and average daily trading volume spiked to $4 billion, which was also the highest since January 2018.
Now there was a lot of speculation. Could it be a dormant whale purchasing a large order? Or some form of insider trading? Or even fake news generated from an April News Joke?
Now, let’s look at the facts. If we start off with Bitcoin, you can see that Bitcoin grew 23 per cent within an hour. While Bitcoin has slipped to $4,800 range at the time of writing, it’s a very fast increase, within a very short amount of time.
Ethereum on the other hand reached $155, and is now still growing, climbing into the $162 mark at the time of writing.
And finally, Ripple’s XRP spiked to 0.345 and is now continuing to escalate to $0.348. Other altcoins also showed similar growth patterns and momentum, all increasing from around 8 to 20 per cent.
According to CryptoNews, Mati Greenspan, a senior analyst at eToro, a social trading platform mentioned that “judging by the timing, it looks like the pump originated in Japan or South Korea.” His followers are also noting that it could be in China, the Middle East or Asia. Tim Alper, CryptoNews correspondent in South Korea, noted that “the economy is slowing down fast in South Korea and Japan, and the stock market is stagnant, so people are prepared to give crypto a second chance.” Furthermore, there’s also been a lot of positive news from Japanese giants like Samsung, Kakao, Hyundai, Rakuten, SBI, and even Japanese banks that are beginning to invest a lot of money into their cryptocurrency operations, which could also be catalyst that kickstarted a wave of optimism among buyers and investors.
Bloomberg suggested that, when it comes to triggers and catalysts, Bitcoin’s ability to surpass the $4,200 point, could be the major catalyst to the bullish market.
As Alex Kruger, an economist and cryptocurrency analyst pointed out, it will mark an end to the big bearish trend that began in January 2018. From a technical perspective, Bitcoin had to surpass the $4.2k mark to kick off a bullish market.
There was also an April Fool’s Day story on Finance Magnates that the SEC has Dropped the Bomb and is now approving the Bitcoin ETF, but the article was released after the rally. And there was also 415 million worth in short positions on the Bitmex Exchange and as cryptonews put it — it could have been too succulent a target for the market not to move against.
I believe that there could be so many factors and variables, it’s hard to pinpoint. From positive sentiments in the news in the last few months, to South Korean and Japanese economy slowing down, fake news triggering a large number of people to buy, at this point we can just really speculate by looking at the facts and drawing our own conclusions. In saying that, its great news for short-term traders and investors, as I’m pretty sure many of you guys, made very large returns in the last 24 hours.
Now, moving onto the Ethereum 2.0 TestNet. According to InvestInBlockchain Ethereum is now blessed with a Testnet 2.0, allowing the network to test the proof of Stake upgrade. The testnet was scheduled for March has actually met its deadline, all thanks to team Nimbus, who was responsible for the testnet. They are, however, aware of the challenges moving ahead. Users can, however, now join the testnet. The team will be adding features and making performance upgrades over the next few weeks.
And finally, Coinbase has quietly launched its XRP payment Service. According to Ethereum World News, reports arose this Monday that Coinbase is allowing users to send money internationally for free with USDC a stablecoin launched by CENTRE partners Coinbase and Circle, and XRP. Here, users can send USDC and XRP across borders virtually instantly to Coinbase support nations, which can then be converted to local currency. While this sounds like a blockchain-enabled remittances services, Coinbase has made it clear that it’s not. Coinbase will be sending cryptocurrency ledger transfers within its own books rather than on-chain. The idea of this product is, so that serves as an educational resource for consumers to learn about the benefits of using cryptocurrencies in cross-border payments.
So what are your thoughts on this situation guys?
Why do you think the market suddenly rallied?
Are you excited about the Ethereum 2.0 Test Net?
And are you going to use Coinbase’s new XRP and USDC Payment Service?
Let me know what you guys think in the comments below!
It’s Cindy with CryptoPig, Catch you guys around!
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.