Over the last 7 days, the cryptocurrency market is near an all-time high. During this time, the global cryptocurrency market has grown by nearly $100 billion. Amongst this change are altcoins including Bitcoin (BTC), Bitcoin cash (BCH), Ethereum, Ripple XRP and Stellar (XLM), who have all posted high weekly gains.
Because of strong institutional demand, the extreme market movement has been boosted. This can be seen as a result of top hedge funds and money managers viewing cryptocurrency as a safe haven asset during a time of economic uncertainty.
As a result of this view, cryptocurrencies are seeing the highest gain in over three years. And it is believed that this is going to continue! Analysts have predicted new record highs to continue until the end of the year, with some suggesting that current trends are suggesting that record highs will continue to grow into 2021.
More specifically, XRP has taken the market by surprise. XRP has more than double in price during the last 7 days, with Ethereum and Bitcoin cash also rising in value by more than a third. As of this morning, XRP is at an annual high of $0.6895, increasing by 12.82% in the past 24 hours. This can come as a 175.20% increase in the past month and a 128.86% increase in the past week. Thus, XRP has made the biggest change in the cryptocurrency market over the last 30 days, followed by Litecoin (61.27%), Bitcoin (45.29%), LINK (40.43%), and Ethereum (38.29%).
Ripple’s XRP is currently the world’s fourth-biggest cryptocurrency by market value behind Bitcoin, Ethereum and Litecoin. This is after a dramatic increase over the last week increasing by 128.86% in the past seven days, adding around 150% to its price. XRP has been seen to climb the market chart since the beginning of 2020, though it remains far from the all-time high achieved in 2017.
Analysts suggest that XRP has been able to become second in the cryptocurrency market after the company Ripple suggested it is going to capitalize on a central bank rush to digitalize their currencies.
Since, Ripple’s XRP is trading at $0.6895 as of this morning, after reaching a high of $0.92 before a sudden 30% crash which came after a major technical outage. Nevertheless, Ripple’s XRP still remains far from its peak of over $3.
If XRP continues to rise, analysts predict that it could reach $25 to $30 in the long-term cycle.
During these weekly gains, Stellar has also gained the eyes of people watching the cryptocurrency market, reaching weekly gains of over 90%. As of this morning, Stellar was trading at $0.2164 which has come after a 45.14% increase in the past 24 hours. As well as an increase in the past 24 hours, an increase can also be seen in the past week, at 157.56%, and last month, at 163.90%. However, it is far from its all-time high of $0.60 which means it would need to perform better in the coming weeks to be able to reach that high.
After reaching $0.22 earlier this morning, there has been an increased selling pressure, encouraging more sellers to join the market. This comes after a high of 200% rally in November alone, achieving a monthly peak of $0.219.
How have other coins like Bitcoin, Bitcoin Cash and Ethereum been affected?
Since the all-time high altcoins surge from XRP and Stellar, the cryptocurrency market has seen other changes. More specifically, both bitcoin and ethereal have climbed the market this week, adding 10% and 30% respectively.
Bitcoin represents less than two-thirds of the overall cryptocurrency market, ranking as a top 20 most valuable asset in the world.
People are constantly checking to see if Bitcoin is sustaining its climb of the market, watching to see if it will establish a new all-time high since the peak of December 2017. Although the price of Bitcoin is nearing an all-time high, it is not quite there yet.
- Today’s numbers:
- Trading at $19,309
- Increase by 0.74% over the past day
- Increase by 8.33% over the past week
- Increase by 41.50% over the past month
Bitcoin Cash (BCH)
Bitcoin Cash is finally catching up with the market reaching a price of $344.39 as of this morning.
BCH is the world’s fifth-biggest cryptocurrency by market value, behind Ripple’s XRP. The graph highlights how BCH is catching up and starting to increase with the rest of the cryptocurrency market.
- Today’s numbers:
- Trading at $343.26
- Decreased by 2.60% over the past day
- Increase by 40.05% over the past week
- Increase by 29.72% over the past month
Ethereum is the world’s second-biggest cryptocurrency by market value, behind Bitcoin. Over the past month, specifically the past week, Ethereum has been seen to follow the trends of the rest of the market and increasing. As of this morning, Ethereum reached a market price of $600.
- Today’s numbers:
- Trading at $596
- Decreased by 1.33% over the past day
- Increase by 26.42% over the past week
- Increase by 47.73% over the past month