Over the past 7 days, the cryptocurrency market is near an all-time high. During this period, the global cryptocurrency market grew by nearly $ 100 billion. Among these changes are altcoins including Bitcoin (BTC), Bitcoin cash (BCH), Ethereum, Ripple XRP and Stellar (XLM), all of which have recorded high weekly earnings.
Due to strong institutional demand, the extreme market movement has been enhanced. This can be seen as a result of top hedge funds and money managers seeing cryptocurrency as a safe haven in a time of economic uncertainty.
As a result of this view, cryptocurrencies are posting the highest gain in over three years. And it is believed that this will continue! Analysts have predicted that the new record highs will continue through the end of the year, with some suggesting current trends suggest that record highs will continue to rise in 2021.
More specifically, XRP took the market by surprise. XRP has more than doubled in price in the past 7 days, with Ethereum and Bitcoin cash rising by over a third. As of this morning, XRP hit an annual high of $ 0.6895, up 12.82% over the past 24 hours. This can come as an increase of 175.20% in the last month and 128.86% in the last week. Therefore, XRP made the biggest change in the cryptocurrency market in the past 30 days, followed by Litecoin (61.27%), Bitcoin (45.29%), LINK (40.43%) and Ethereum (38.29%) ).
Ripple’s XRP
Ripple’s XRP is currently the fourth largest cryptocurrency in the world by market value behind Bitcoin, Ethereum and Litecoin. This is after a dramatic increase over the past week with a 128.86% rise over the past seven days, adding around 150% to its price. XRP has been seen climbing the market rankings since early 2020, although it remains far from the all-time high reached in 2017.
Analysts suggest XRP was able to become second in the cryptocurrency market after the Ripple company suggested it will capitalize on the central bank’s rush to digitize its own currencies.
Since then, Ripple’s XRP has been trading at $ 0.6895 as of this morning, after hitting a high of $ 0.92 before a sudden 30% stop that occurred after a major technical break. However, Ripple’s XRP still remains far from its peak of over $ 3.
If XRP continues to rise, analysts are predicting that it could reach $ 25-30 in the long-term cycle.
Stellar (XLM)
During these weekly earnings, Stellar also won the eyes of people watching the cryptocurrency market, achieving weekly earnings of over 90%. As of this morning, Stellar was trading at $ 0.2164, following a 45.14% rise in the past 24 hours. In addition to an increase in the past 24 hours, an increase can also be seen in the past week, to 157.56%, and last month, to 163.90%. However, it’s far from its all-time high of $ 0.60 which means it would need better performance over the next few weeks to be able to hit that high.
After reaching $ 0.22 this morning, there was more selling pressure, encouraging more sellers to enter the market. This comes after a high of 200% in November alone, hitting a monthly high of $ 0.219.
How have other coins such as Bitcoin, Bitcoin Cash and Ethereum been affected?
Since all-time altcoins have risen since XRP and Stellar, the cryptocurrency market has seen other changes. More specifically, both bitcoin and ethereal climbed the market this week, adding 10% and 30% respectively.
Bitcoin accounts for less than two-thirds of the overall cryptocurrency market, ranking among the top 20 most valuable assets in the world.
People are constantly checking whether Bitcoin is sustaining its rise in the market, watching to see if it will set a new all-time high from the December 2017 peak. Although Bitcoin’s price is approaching an all-time high, it’s not quite there yet.
- Today’s numbers:
- Negotiable at $ 19,309
- 0.74% increase in the last day
- 8.33% increase in the last week
- Increase of 41.50% in the last month
Bitcoin Cash (BCH)
Bitcoin Cash is finally reaching the market hitting a price of $ 344.39 as of this morning.
BCH is the fifth largest cryptocurrency in the world by market value, behind Ripple’s XRP. The chart highlights how BCH is catching up and starting to rise with the rest of the cryptocurrency market.
- Today’s numbers:
- Negotiable at $ 343.26
- Decreased by 2.60% in the last day
- Increase of 40.05% in the last week
- Increase of 29.72% in the last month
Ethereum
Ethereum is the second largest cryptocurrency in the world by market value, behind Bitcoin. Over the past month, particularly the past week, Ethereum has been seen following the trends of the rest of the market and rising. As of this morning, Ethereum has reached a market price of $ 600.
- Today’s numbers:
- Trading at $ 596
- It decreased by 1.33% on the last day
- Increase of 26.42% in the last week
- Increase of 47.73% in the last month
