Market Movements: Bitcoin, Ethereum, and XRP
As of press time on July 30, Bitcoin (BTC), Ethereum (ETH), and XRP have all seen slight upward movements. Bitcoin, the king of cryptocurrencies, has been treading water between $9,000 and $10,000 this week, appearing more like a lazy cat in the sun than a fierce lion hunting for prey. Currently, it sits at $9,652, up by 2.37%.
Bitcoin’s Bold Predictions
Squawk Box co-host Joe Kernen recently threw a fun twist into the conversation, predicting that Bitcoin could soar to $55,000 by the time the next halving rolls around in May 2020. Now, whether Joe has a crystal ball or just really likes the number 55, that’s a prediction worth noting!
Ethereum’s Steady Climb
Ethereum is holding its own like a disciplined student preparing for finals, trading at around $212 with a 2.26% increase on the day. With the weekly chart showing a modest 1.63% rise, it seems Ethereum is the tortoise steadily pacing its way in this race.
What Makes Ethereum Special?
Recent chatter from the institutional cryptocurrency exchange SFOX suggests that Ethereum might not even qualify as an altcoin. SFOX points out that Ethereum’s price movements have a stronger correlation with Bitcoin compared to other cryptocurrencies. Talk about a close-knit family!
XRP’s Gaining Ground
XRP has jumped 3% today and is currently trading at $0.319. With a weekly gain of over 3.5%, it’s becoming the overachiever of the day. To add some spice, Ripple, the company behind XRP, recently expanded its University Blockchain Research Initiative, welcoming academics from Japan’s Kyoto University and the University of Tokyo. Looks like Ripple is not just about the transactions, but also about brainy collaborations!
Tezos Takes the Spotlight
Among the top 20 altcoins, Tezos (XTZ) is basking in the limelight with an impressive 24% rally to trade at $1.24. The hype comes after Coinbase announced that it would list XTZ on Coinbase Pro starting August 5. If you ever thought being listed was like getting the gold star in kindergarten, you’d be right!
Tezos’ Expanding Influence
Tezos is also making waves outside the exchange scene. Recently, BTG Pactual, Latin America’s biggest investment bank, announced plans to utilize the Tezos blockchain for tokenizing assets across various sectors—including real estate and lending. If that’s not ambitious, I don’t know what is!
Other Notable Movements
On the flip side, Bitcoin Cash (BCH) is enjoying a pleasant day with over a 9% increase to trade at $330.42. Meanwhile, the only downer in the top 20 is Unus Sed Leo (LEO), which is marginally down 1.34%, but hey, no one can be a winner every day!
The Bigger Picture
Overall, the total cryptocurrency market cap is now comfortably over $261 billion, a figure that surely has analysts’ hearts racing as this digital landscape continues to evolve.
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