Bitcoin’s worth reached a new high after it went over the $8,500 price range on the day by press time while other altcoins are reporting slight losses. Let’s check out the price analysis for the cryptocurrencies in our latest cryptocurrency news.
Bitcoin’s worth increased by more than 2 percent on the day and is currently trading at $8,631 at press time. If you take a look at the weekly chart, the coin is up by more than 7 percent. Grayscale, the American digital asset manager claimed recently in research that Bitcoin vastly outperformed the traditional assets during the United States-China trade war.
Ether (ETH) on the other hand, is holding onto its positions as the largest cryptocurrency by market cap which is currently standing at $27.3 billion. The second-largest Ripple (XRP) has a market cap of $16.7 billion at press time. The data from Coin360 shows that ETH has seen a decrease in its value by 1.2% over the last 24 hours. It is currently trading at around $256 and over the week the altcoin gained over 3.5 percent in value.
Ripple’s XRP decreased by slightly over 1 percent in the past 24 hours and is now trading around $0.396. Over the week, the altcoin is down by 4.20%. Among the top 20 cryptocurrencies, one of the altcoins reporting notable losses is Binance Coin (BNB) getting down over 11%. This is a rare picture for the state of the BNB coin since in the recent months it was the one altcoin that surged when the others dropped. At press time, the total market cap of all cryptocurrencies is about $266 billion which is about 4 percent lower than the one reported a week ago.
Gold-Backed Russian Crypto Could Crush The USD Standard
“As for mutual settlements, we will consider, of course, a proposal on a cryptocurrency that is tied to gold. But, in my opinion, it is more important to develop settlements in national currencies.”Nabuilna explained that CBR is still unsure whether to use cryptocurrencies and how they could be launch into Russia’s monetary system but the idea of a zero-volatility digital asset is inviting:
“The CBR, in principle, is opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies fulfill the function of monetary surrogates. We have prepared an analytical report and will soon present it which will analyze what cryptocurrency is, what is happening in the world, what approaches different countries to have, and what regulation is envisaged. And, if the phenomenon of cryptocurrency in any perspective may cause risks to our macroeconomic stability, we need to understand that.”As noted in one of the best cryptocurrency sites, Russia is under significant economic sanction from the United States.
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“Every time we’ve seen a halving event in Bitcoin or Litecoin, the price has risen astronomically,” is what Mati Greenspan believes, who is a senior market analyst at the trading platform eToro. “So if that pattern continues, what we’ve seen so far is small potatoes in comparison,” he said. “This is quite normal for the crypto market.”Right now, cryptocurrencies are undergoing a major renaissance. While Litecoin is reported as the hottest cryptocurrency this year by many best cryptocurrency news sites, Bitcoin is also triggering a new rally and Facebook with its expected crypto project is additionally fueling up the space. All of the developments happening this year have managed to push the price of Bitcoin by 120% since the beginning of the year - and the price of Ether close to 100% this year. Litecoin remains the hottest cryptocurrency - going from $30 at the end of last year to $130 right now.
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