In the past 7 days, the cryptocurrency market has hit an all-time high. During that time, the global cryptocurrency market has grown by nearly $ 100 billion. That change includes altcoins like Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum, Ripple XRP, and Stellar (XLM), all of which have made high weekly profits.
Due to the strong institutional demand, the extreme market movement was intensified. This is because top hedge funds and money managers view cryptocurrency as a safe haven in times of economic uncertainty.
Based on this view, cryptocurrencies are seeing their highest profit in over three years. And it is believed that this will continue! Analysts have predicted the new record highs will continue through the end of the year. Some suggest that current trends suggest that record highs will continue to rise through 2021.
In particular, XRP has surprised the market. The price of XRP has more than doubled in the past 7 days, with the value of Ethereum and Bitcoin cash also increasing by more than a third. As of this morning, XRP hit an annual high of $ 0.6895 and is up 12.82% in the past 24 hours. This could be an increase of 175.20% in the last month and an increase of 128.86% in the last week. Thus, in the last 30 days, XRP has made the biggest change in the cryptocurrency market, followed by Litecoin (61.27%), Bitcoin (45.29%), LINK (40.43%) and Ethereum (38.29%).
Ripple’s XRP is currently the fourth largest cryptocurrency in the world by market value after Bitcoin, Ethereum and Litecoin. This is after a dramatic increase over the past week, which has increased 128.86% in the past seven days and has increased the price by around 150%. XRP has seen a surge in the market chart since early 2020, but remains far from the all-time high reached in 2017.
Analysts believe XRP came second in the cryptocurrency market after company Ripple suggested capitalizing on a central bank rush to digitize its currencies.
Cointelegraph – Ripple’s XRP
Since then, Ripple’s XRP has been trading at $ 0.6895 as of this morning after hitting a high of $ 0.92 before experiencing a sudden 30% crash following a major technical failure. Even so, Ripple’s XRP remains far from its high of over $ 3.
If XRP continues to rise, analysts predict it could hit $ 25-30 over the long-term cycle.
During those weekly gains, Stellar has also won the eyes of the people watching the cryptocurrency market, realizing weekly gains of over 90%. As of this morning, Stellar was trading at $ 0.2164, up 45.14% over the past 24 hours. In addition to an increase in the last 24 hours, there was also an increase of 157.56% in the past week and 163.90% in the last month. However, it is far from its all-time high of $ 0.60, which means it would have to perform better in the coming weeks to hit that high.
Cointelegraph – Stellar (XLM)
After hitting $ 0.22 this morning there was increased selling pressure encouraging more sellers to join the market. It does so after a 200% rally in November alone, which hit a monthly high of $ 0.219.
How have other coins such as Bitcoin, Bitcoin Cash, and Ethereum been affected?
A lot has happened in the cryptocurrency market since the rise in all-alt-altcoins from XRP and Stellar. In particular, both Bitcoin and Ethereal climbed the market this week, up 10% and 30% respectively.
Bitcoin makes up less than two-thirds of the total cryptocurrency market and is among the top 20 most valuable assets in the world.
People are constantly checking to see if Bitcoin continues its rise in the market and watching to see if it will hit a new all-time high since peaking in December 2017. Although the price of Bitcoin is nearing an all-time high, it is not quite there yet.
- Today’s numbers:
- Trade at $ 19,309
- 0.74% increase on the previous day
- 8.33% increase over the past week
- 41.50% increase last month
Cointelegraph – Bitcoin
Bitcoin Cash (BCH)
Bitcoin Cash is finally catching up with the market, hitting a price of $ 344.39 as of this morning.
BCH is the fifth largest cryptocurrency in the world by market value after Ripple’s XRP. The graph shows how BCH is catching up with the rest of the cryptocurrency market and starting to grow.
- Today’s numbers:
- Trading at $ 343.26
- Down 2.60% last day
- 40.05% increase over the past week
- Up 29.72% last month
Cointelegraph – Bitcoin Cash
Ethereum is the second largest cryptocurrency in the world by market value after Bitcoin. Last month, especially last week, Ethereum was found to be following the trends of the rest of the market and growing. As of this morning, Ethereum hit a market price of $ 600.
- Today’s numbers:
- Trade at $ 596
- Down 1.33% last day
- 26.42% increase over the past week
- 47.73% increase last month
Cointelegraph – Ethereum