According to information gotten from Coin360, the cryptocurrency market is trading sideways with most of the top coins by market value experiencing a slight reduction and increase in price.
Bitcoin being the most valuable crypto with a total market capitalization of about $160 billion experienced an increase of about 1.24% seeing its value rise to $9,139 during the press time. This slight increase in price is coming right after the value of the crypto fell to $9,000 earlier today. The last seven (7) days has been a good one for the biggest crypto by market value as it has managed to experience a 13% increase in price in that period of time. While there have been reports that the crypto is struggling to reach and maintain the $9,300 mark since the beginning of the week, Tom Lee co-founder of Fundstrat Global Advisors has a firm conviction that the price of Bitcoin will continue to rise in the weeks and months to come. In addition to that, Tom Lee revealed that Bitcoin is on the path of becoming the reserve currency of the crypto industry.
Ethereum (ETH) which is currently the second largest cryptocurrency by market value is currently trading at $267 which is a 0.31% increase in value. With that insignificant increase, the altcoin in the last seven days has experienced a 5.42% increase in value in that period of time.
Ripple (XRP) which is currently the second largest altcoin and the third largest cryptocurrency experienced a depressing increase in value of about 0.02% and is currently trading at $0.430. This depressing increase in price has contributed to the 8% increase in value this altcoin has experienced in the last seven days. There are speculations that the value of this altcoin may rise in the future now that a strategic partnership between this crypto and MoneyGram has been announced. The purpose of this partnership according to the Ripple team is that of facilitating cross-border transactions on the MoneyGram payment gateway.
The biggest gain for the week goes to none other than Litecoin which have experienced a 340% increase this year alone. Unlike most of the other top coins, LTC experienced a 4.5% increase in value, thus, trading at exactly $138 at press time.
LEO Bitfinex’s utility token is currently experiencing the biggest loss of the day, down by about 2.5% in the last couple of hours.
The insignificant but slight increase in price most of these cryptos have experienced in the last couple of hours has made the total market capitalization hovering around the $285 billion mark. However, trading volume dropped from $54 billion to about $49 billion.
While the price of these cryptos has been dropping and rising in value since the beginning of this week, experts are of the opinion that in the hours to come there will be a significant increase in price especially for Bitcoin which has been struggling since the beginning of trade this week to maintain the $9,300 mark.
photo source: © shutterstock.com by Jaruwan Jaiyangyuen
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