No sign of Crypto Revival as weekend starts; The XRP exceeds the etereum by a larger margin


With the exception of bitcoin liquidity (BCH), all the major cryptocurrencies traded in positive territory on Sunday offer a mild optimism due to the worsening of the bear market. Coins with consolidated use cases in traditional finance – XRP and Stellar Lumens – were clearly outperforming the market.

Market update

The total value of all cryptocurrencies peaked at $ 186.3 billion on Sunday, about $ 11 billion more than last week's minimum swing. At the time of writing, the total market was valued at $ 185.3 billion on daily trading volumes of $ 13.1 billion, according to CoinMarketCap.

Bitcoin, the leading digital currency, has risen by 1% to $ 5,600. BTC has briefly touched below $ 5,200 at the top of last week's selloff.

The XRP was by far the best performer on Sunday, earning 6.7% to $ 0.5129. In this way, he extended his advantage on Ethereum as the second cryptocurrency in the world. The market capitalization XRP is currently valued at $ 20.7 billion compared to $ 18.1 billion for the ether. The so-called "flippening" has occurred at various points in recent months, but has been solidified at the beginning of this week as XRP has held better than its competitors.

Looking further down the rankings, Stellar XLM gained 3.9% to $ 0.2513. Monero XMR, one of the main coins for privacy, rose 3.3% to $ 0.0615.

Last week the scrambled prices plummeted by $ 37 billion, marking one of the worst sell-offs since the bear market began at the start of this year. The collapse immediately followed the cash-hard bitcoin fork pump, which drove the price of BCH on a wild roller coaster consisting of 50% gains followed by equivalent losses.

Bitcoin's cash price fell 1.8% on Sunday to trade at $ 383. The fourth largest cryptocurrency was traded north of $ 630 at the start of this month.

$ Hödl

The regulators in Switzerland have approved the first covenant exchange fund (ETF), offering investors more options to buy and hold virtual currencies without the added risk. Starting this week, the product traded on Amun Crypto will start trading on the Six Swiss Exchange with the HODL symbol. The Six Swiss Exchange is the fourth largest stock exchange in Europe.

The fund consists of five cryptocurrencies, with almost half of its total holdings assigned to bitcoins. Approximately one third (30%) is assigned to XRP and the remainder is allocated to Ethereum, bitcoin money and Litecoin.

The launch of a European cryptic ETF shines the spotlight on the US Securities and Exchange Commission (SEC), which should govern a demand for high-profile bitcoin funds by the end of the year. While the US securities regulator has already rejected more than a dozen bitcoin ETF proposals, market observers believe that the application proposed by VanEck and SolidX has the best chance of being approved.

What distinguishes VanEck's proposal from the competition is the fund's structure itself, as well as a comprehensive insurance designed to protect investors from the potential loss or theft of bitcoins. The fund is "physically" supported, which means it will be based on actual bitcoins and not on futures contracts.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.

Featured image courtesy of Shutterstock.

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