The cryptocurrency market is enjoying a run of weekly gains, giving investors a beam of hope that the cryptocurrency markets may finally be ready for a bullish run they have experienced in the past.
In the last couple of days, Bitcoin (BTC) has swiftly corrected its monthly losses after its price rallied and went above $6,700 for the very first time in two weeks. Data released by coin360, confirms an impressive performance for the leading cryptocurrency which has enjoyed a week of flat trading around the regions of $6,200.
The unprecedented move upward came several hours after it was reported that U.S regulators had once again suspended their decision on the VanEck/ SolidX Bitcoin exchange-traded fund (ETF). As at the time of writing this report, BTC/USD was exchanging hands at around $6,707 with an increase of about 5 percent on the day, amazingly taking price to where they were in mid-august.
In the altcoin market, Ethereum’s (ETH) fine run of gains has continued after weeks of bearish trend that saw it beat Bitcoin in losses. As at press time, the price for ETH/USD hit $244, an amazing feat since dropping to as low as $171.
Ripple has enjoyed the biggest win so far, continuing its impressive surge of over 44 percent on Friday with weekly gains around 68 percent. At the moment, ripple is exchanging for $0.54.
Giving the unprecedented gains which saw the price of Ripple increased, commentators were initially skeptical about what could be pushing the price of Ripple up, but looking at Ripple’s plans of launching XRapid, a payment transfer network designed to make transactions simple for its banking clients, the move could have positively lured investors to invest more. According to Ripple, xRapid would offer international payment settlements using XRP directly as an intermediary currency.
Also, Stellar (XLM), Tezos (XTZ) and Cardano (ADA) seem to be doing quite impressive too as theses cryptoccurrencies produced healthy gains of around 15 to 18 percent. Total market cap as at press time is now $217 billion.