The cryptocurrency market has experienced major shifts for the past two weeks and more is expected. Here is a look at how Bitcoin and Ripple’s XRP are performing and what we should expect:
Bitcoin’s general performance has greatly improved in the last week, rising from a weekly low of $10,396 to a seven-day high of $12,273.82 before dropping to the $11,000 bracket. At the time of writing this, the coin has a market dominance of about 69.19%, and the BTC/USD pair trades at $11,854.26.
Market experts however believe that Bitcoin’s price may experience substantial gains soon because of some market factors. One of the things that may cause Bitcoin’s surge is the current trade wars being experienced between economic powerhouses like the US and China.
These trade wars are making most ventures to become less profitable; hence more investors are now turning to more lucrative investments like cryptocurrencies and Bitcoin is the favorite.
“Come 2020, we expect an increasingly populist and politically unstable world to cement the safe-haven status of bitcoin and other cryptocurrencies more generally,” said Nicholas Gregory from CommerceBlock.
Ripple’s XRP continues to hold steady at position three in terms of market capitalization. However, it has dropped by 2.1% in the past one week with its trading volume surging below the 1 billion mark. XRP hit a high of $0.331 in the past seven days but has rolled back to a pressure zone of $0.30. At the time of writing this, Ripple’s XRP has a value of $0.304974 with a market capitalization of $13.01 billion and a 24-hour trading volume $867,447,649.
With the recent roll down of Bitcoin from the $12,000 mark that has caused surge for the entire cryptocurrency market, we should expect more XRP selling with the return of the XRP bears. Once Bitcoin manages to gain stability, the XRP/USD pair will gain back its momentum, and the prices may go above the $0.33 mark.
Recently, a Twitter user started a petition that seeks to stop XRP owners from dumping more XRPs into the market. The proposal is aimed at increasing the value of XRP coins by cutting the supply of XRP in the market. The petition has already earned massive support from XRP investors. in the past. XRP has been pumping billions of XRP into the market, which led to the dropping of the currency’s value.