Cryptocurrencies are building themselves up, slowly but surely, however, just as in life, no story is always going upwards nor is it always going downwards. Rather it is in a constant dynamic state of evolution, this is not something to inspire fear within the new investor but rather to aid the new investor with hope, no matter how the markets are currently performing, there is one thing that can be held in absolute certainty. What is that thing? That pearl of wisdom is that things are always going to change, today we delve into recent movements of Bitcoin, Ethereum and Ripple as well as analysts’ predictions for their short term fluctuations.
The Market As A Whole
Bitcoin or BTC has managed to pull back up after some recent dips in market price on Wednesday, these slight lows affected the whole of the crypto exchange and were not solely focused on BTC. Yet, this was caused mainly by the fact that the total value of the cryptocurrency market was portrayed inaccurately as having a far greater net worth than what is actually verifiable. Thus, the crypto market lost a total of $50 billion in total market value in the past week, but further positive news have served to bolster the markets. The most notable of the good news is that a further major Swiss bank has declared that they will be allowing individuals and companies with digital assets to bank with them.
Insight into BTC
BTC jumped from $6 121 on Wednesday to $6 322, managing to push up a current 1% per day. The rest of the movements within the next few days will depend on whether or not BTC has a powerful enough under current to propel itself up and over $6 400. Although the likelihood is quite good that it will make itself over the $6 400 mark within the next few days, there is a much lower chance that it will be able to push over the $7 000 level in the coming weeks.
Summing up ETH
Looking over the Ethereum or ETH now, ETH has jumped down to $360 and has been dipping a consistent level of 2.1% for the past few days. However, since the start of this morning ETH has been pulling itself up at a stead march of 1.4%. It seems the current trading price for ETH is trapped within quite a tight window, it can neither fall very much due to strong support underneath it but it is also facing many barricades from above deterring its chances at making further gains.
Heading into XRP
Over to Ripple or XRP, Ripple has had a fairly good Thursday as it has managed to get a whole 0.35% more today than previously and has built itself up from this week’s trading price of $0.320. Currently there is a slight fear that XRP may take a while to push through to $0.360, yet there is little worry of XRP slipping down to lower prices. For all we know, XRP may very well sit tight for a while and instead choose to hold its ground. Well that is it for today in the markets, hopefully things will move forward and progress onwards and upwards or something like that.
