ETH and XRP See Major Boost Amid Checkered Market Outlook

Published at: Sept. 18, 2018

Tuesday, September 18: while the wider crypto markets remain shaky, Ripple (XRP) has today seen a major price boost, and Ethereum (ETH) has also strongly rebounded from recent losses, as data from Coin360 shows.

Market visualization by Coin360

Having settled to circle the $6,500 mark towards the end of last week, Bitcoin (BTC) has subsequently seen some volatility, plummeting below the $6,300 point yesterday.

The top coin is now trading around $6,356 to press time, seeing negligible percentage change over the 24 hour period. On the week, Bitcoin is up 0.65 percent, with losses on the month now at 3.5 percent.

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) has seen a volatile 24-hours, plunging as low as $194 yesterday to reverse recent gains, only to recover rapidly today to peak as high as $212 within a two-hour time span. Ethereum’s ascent has tempered off slightly in the hour before press time, but the top alt is still bullishly holding fort at $213.

On the week, Ethereum’s gains are over 7 percent; monthly losses remain a start 33.4 percent.

Ethereum 24-hour price chart. Source: Cointelegraph Ethereum Price Index

Ripple (XRP) has seen the largest gains among all the large-market-cap coins, soaring 18 percent on the day to trade at $0.32 at press time. Ripple’s skyrocket kicked off this afternoon, bringing its weekly gains to an exceptional 21.75 percent. On the month, however, XRP remain down by around 10.7 percent.

Yesterday, Sagar Sarbhai, Ripple’s head of regulatory relations for Asia-Pacific and the Middle East, hinted that Ripple is likely to launch a commercial application of its xRapid liquidity solution for banks "in the next month or so."

Ripple 24-hour price chart. Source: Cointelegraph Ripple Price Index

Other strong performers among the top ten coins listed on CoinMarketCap are Stellar (XLM), up 4.6 percent to trade at $0.21, Bitcoin Cash (BCH) – up 1.7 percent at $440.60 – and Cardano (ADA), up 1.46 percent at $0.068.

Most of the other top twenty coins are in the red, with Tezos (XTZ) taking the hardest hit, down 10.14 percent at $1.47. IOTA (MIOTA) is down 3.6 percent at $0.53, but other losses among the top twenty are capped within a 2 percent range.

Total market capitalization has surged from around $192 billion to over $200 billion as of press time.

24-hour chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

As the markets continue to see marked volatility, China’s central bank, the the People’s Bank of China (PBoC), has today issued a new public notice starkly warning investors against the “illegal” ICO and crypto space.

In the considerably more open U.S. crypto-regulatory space, the chief accountant for the U.S. Securities and Exchange Commission (SEC) has this week nonetheless emphasized that the advent of digital assets and blockchain technology does not change the “fundamental responsibility” of firms when it comes to their financial reporting activities.

Tags
United States
Sec
Markets
Ethereum
Altcoin
China
Cardano
Bitcoin Cash
Ripple
Stellar
Related Posts
ETH and XRP Both Hit by Losses as Crypto Markets See Widespread Red
Monday, September 24: Both Ripple (XRP) and Ethereum (ETH) have taken hefty price hits today as the wider crypto markets see deep red, as data from Coin360 shows. Market visualization by Coin360 While Ethereum has now reclaimed its long-standing spot as second-largest coin by market cap on CoinMarketCap — which it briefly ceded to a skyrocketing Ripple on September 21 — Ethereum has today seen around a 5 percent loss on the day to trade at $234 to press time. Following its intraweek high of around $250 on September 22, the altcoin has seen depressed growth to jaggedly trade sideways …
Bitcoin / Sept. 24, 2018
1/18: BTC, ETH, DOT, XRP, ADA, LTC, BCH, LINK, XLM, BNB
Investors are beginning to worry that Bitcoin’s (BTC) uptrend could be in peril after the top-ranked cryptocurrency failed to pull above the $40,000. Some traders are afraid that a repeat of the crushing 2018 bear market is on the cards again if BTC fails to find bullish momentum. However, a study of both the bull markets shows distinct differences that are noteworthy. Research from Pantera Capital found that after the current bull move, 86% of the crypto market's value is concentrated in Bitcoin and Ethereum, largely because institutional funds have flowed into each cryptocurrency. In 2017, the top two coins …
Bitcoin / Jan. 18, 2021
Price analysis 1/13: BTC, ETH, XRP, LTC, ADA, BCH, DOT, XLM, LINK, BNB
The top 100 richest Bitcoin (BTC) addresses have added 334,000 Bitcoin to their existing holdings over the past 30 days, a clear signal that whales and institutional-size investors bought the dip. A positive sign is that most of them have not reacted to the recent fall in Bitcoin’s price. This suggests that large investors are bullish on Bitcoin for the long term rather than looking to make a quick gain. An important element in the recent rally is many of the purchases have come from institutional investors who were critical of Bitcoin in the past. The list is likely to …
Bitcoin / Jan. 13, 2021
Price analysis 12/28: BTC, ETH, XRP, LTC, BCH, DOT, ADA, BNB, LINK, XLM
Several central banks have resorted to unprecedented monetary expansion and aggressive rate cuts to support their respective economies badgered by the coronavirus pandemic. Record liquidity has resulted in sharp rallies in the S&P 500, gold, and Bitcoin (BTC), which suggests that investors are plowing money into assets of their choice. While gold is way below its all-time high set in August, both the S&P 500 and Bitcoin are near their all-time high. The last five trading days of the year and the first two of the next year have historically been bullish for the S&P 500, dubbed as the "Santa …
Bitcoin / Dec. 28, 2020
Price analysis 12/4: BTC, ETH, XRP, LTC, BCH, LINK, DOT, ADA, BNB, XLM
A few years back, Bitcoin’s (BTC) price was controlled by whales as the crypto market lacked depth and was relatively illiquid. If whales were selling in unison, no one wanted to venture out and buy. Similarly, the whale’s concerted buying easily boosted prices higher. However, that is not the case anymore. With the arrival of institutional investors, it appears that the whales are gradually losing their ability to influence BT price. According to on-chain data, Grayscale Investments purchased about twice the number of Bitcoin mined in November. The steady inflow of institutional funds has boosted Grayscale’s Bitcoin Assets Under Management …
Bitcoin / Dec. 4, 2020