Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Stellar (XLM), Tron (TRX): Price Update, Predictions, News Roundup
The past 7 days have been tumultuous for the digital asset sector to say the least. For starters, just a few days ago the total market capitalization of all the altcoins in the market had dipped to a relative low of $191.5 Bln. However, within the space of just five days, this figure has now risen to a more respectable value of $225 Bln— thereby indicating newfound investor confidence in this nascent market space.
One of the biggest stories recently has been Ripple’s amazing market run that has seen the world’s third largest cryptocurrency by total market capitalization gain over 120% in value over the course of the past 5 days.
Chart courtesy of Tradingview.com
To elaborate further on XRP’s new found success, on September 18 the currency was trading at a modest price-point of $0.027 but within just 72-hours, XRP’s value surged and hit its 120-day high of $0.67.
Analysts have been quick to note that this increased market traction may have been a direct result of Ripple’s Chief Asian Executive, Sagar Sarbhai, stating that within the next month or so the company would “launch its cross-border transaction protocol, xRapid, for commercial use”.
Additionally, as per various trusted German media outlets, many of the nation’s leading banks are “currently exploring the xRapid protocol” in hopes of making international transfers cheaper and more efficient for the German masses.
At press time, the world’s premier digital currency is sitting comfortably at a price point of $6,738.
After crossing the $7,000 psychological barrier earlier this month, Bitcoin’s fortunes took a turn for the worst when the asset fell below the $6,200 mark. However, since then, it seems as though the currency has once again garnered bullish momentum that might carry it beyond the $7K figure in the coming few days.
After various market analysts branded Ether as being a “sub $100 alt-coin”, the world’s second largest cryptocurrency by total market capitalization has continued to defy the conventional narrative and maintained its strong market performance over the course of the past week or so— with the currency currently trading at $240.86.
However, there are also those who believe that Ether will continue to see its market dominance increase in the coming 5-10 years. For example, according to tweet issued by Weiss Ratings a couple of days back, the firm claimed that by 2023, Ether will eat up nearly 50% of Bitcoin’s current market share.
The above tweet, as expected, was met with a lot of backlash, with many investors and crypto enthusiasts taking to twitter to debunk Weiss’s ’unfounded and under-researched claims’. In response to this negative press, Weiss then retracted its earlier tweet by releasing a fresh statement which read:
“In 5 yrs we will see #ETH-LIKE platform dominating the market – not necessarily ETH. We apologize for not being clear. Our earlier tweet was a comment on an article (below).”
A currency that has stayed under the radar in recent times but has continued its strong financial run is Stellar Lumens (XLM). Since September 18, the the world’s sixth largest currency by total market cap has risen from an average price point of around $0.20 to $0.27 (at press time).
Stellar’s latest price surge is largely being attributed to the currency being listed on Circle Invest, a highly popular and sought-after mobile investing application. Along with XLM, Circle has also added other popular altcoins such as EOS, Qtum, and 0x to its platform.
Another altcoin that is touted to have a big financial breakthrough soon is TRX. While Tron’s recent performance has not been exceptional, the altcoin did rise by over 20% just a few days back before settling near the $0.023 region.
Ever since Tron founder, Justin Sun, announced the launch of his firm’s new development tool ‘TronGrid’, a new protocol that will allow developers to ‘monitor their smart contract usage more effectively’, crypto researchers believe that the currency is all set to witness an unprecedented upward economic movement in the coming few days.