July 25, 2024

Flush Of Green Witnessed In The Crypto Market As BTC Nears $5,600


After a week that has been very tumultuous, the cryptocurrency markets have finally indicated some signs of recovery. Looking at the leading ten cryptos, a healthy growth that is between 1 to 7% can be clearly seen. Several cryptocurrencies, all those that are in the top 100 list, are also in the greens.

All Eyes On Bitcoin

On November 14th 2018, the leading crypto by market cap, Bitcoin recorded a steep drop. As of today, this virtual coin has indicated certain signs of smooth growth, consolidating the gains it has recorded over the last couple of days to near the price point of $5,600. At the moment, BTC is trading at $5,595, having moved up with almost 0.9% just within a single day. November 16th saw the leading virtual coin drop to $5,371 plummet, which was $1,000 much lower than its two days’ earlier value.

The week has ended with Bitcoin trading either upwards and sideways and many have associated the market tumble to the effects of the powerful Bitcoin Cash hard fork. In a Twitter poll that was done on November 15th by Ron Paul, the US Congressman, 50% of the respondents picked BTC as their favorite store of value if they had to invest more than $10,000.


Bitcoin, BTC And Other Altcoins

According to the report obtained all over the week, BTC is a stark 12% in the red. One of its main competitors, Ripple was up 7.3%, pushing its trades to $0.517. it can be remembered that Ripple, on November 15th dislodged Ethereum for another time from its stalwart position as the largest altcoin in terms of the market capitalization.

With $20.8 billion burgeoning market share {as compared to the $18.2 billion by Ethereum} that was witnessed as the weekend came to an end, the new reigning altcoin has remained in a good position with a strong performance, and has since reversed all the losses that were recorded when the market fell in November 14th. Ripple is also 3.4% in the green, as a new week begins with an incredible 14.6% as its monthly growth.

Stable Growth For Nearly All Coins

As noted earlier, several coins who are in the list of the top ten are in the green and have recorded growth that is within a range of 1 to 5%. Bitcoin Cash is the only notable exception, as it has dropped 2.1% to trade at $383.2. this happened just as the aftermath of its infamous hard fork continued to cause price ramifications. The Stellar {XLM} is the strongest performing leading ten altcoin, closely following Ripple {XRP}. Stellar has witnessed a solid 4.55% gain to now trade at $0.25 before the day ended.

Monero, the anonymity-oriented altcoin has risen high by 3.5% and now is trading at $89.04. The remaining alts in the leading twenty list based on the market cap are unanimously green, with a number of them recording growth within a range of 3%. Zcash, for instance, has recorded an incredible 6.2% growth.

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