Crypto market stabilized after 25 billion growth
This week, the volume of the crypto market has increased by more than 25 billion dollars. The price charts signaled a strong impetus for the growth of the major crypto-currencies. Investor – billionaire Mike Novogratz predicts $ 6,800as the primary resistance level that Bitcoin will test shortly.The volume of the dominant cryptocurrency increased during the last week from 3.3 to 5.8 billion dollars. In the short term, BTC may jump over $6,800.
Masayuki Tashiro, a well-known Japanese market analyst, also views the future growth of the main cryptocurrency. Tashiro said that positive legislative changes in June in South Korea and Japan should stimulate a bullish trend.The record holder of the previous week was Ripple. Its weekly growth was more than 113%. Also, Ripple (XRP)outperformed Ethereum and became the second largest cryptocurrency by the market capitalization.
For the first time, it was ranked as number 2 after BTC on December 29, 2017. Ultimately Ethereum regained its position. According to the CoinMarketCap on September 21, 2018, the total market capitalization of XRP amounted to 23.9 billion, which exceeded the ETH of 400 thousand dollars.
The likely reason for such rapid growth is the announcement about releases of commercial applications based on the XRP blockchain in the coming months. Sagar Sarbhay, the head of Ripple’s relations with the Near East, said that more than 120 banks use the xCurrent product for bank payments. Also on Wednesday, the project was announced to be partnered with the ninth-largest US bank PNC. However, this does not guarantee a further bullish trend on the coin chart given the current market conditions.Below you can find several coins that have significantly increased in price last week:
- + 72.82% Global Currencz Reserve (GCR)
- + 46.97% Power Ledger (POWR)
- + 41.56% Electroneum (ETN)
- + 41.45% Eternal Token (XET)
- + 33.90% MonaCoin (MONA)
- + 30.47% Cardano (ADA)
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