Most cryptocurrencies have maintained their stability over the past one week, with Ethereum and Ripple (XRP) fighting it out for the second spot in terms of market capitalisation, according to CoinMarketCap.
The pioneer cryptocurrency, bitcoin, benefitted from a handful of positive reports in the last week of September, including news that Google would revert its ban on advertising in regards to cryptocurrency exchanges that addressed users from Japan and the U.S. starting this month. This saw the coin remain in the green for the most part of last week, with the coin reaching a high of £5,140 ($6.712) on the 27th of September.
Bitcoin has started to continue its trend upwards, moving from £4824 ($6,300) to break the £4,977 ($6,500) resistance levels. Currently bitcoin is trapped in a narrow intraday range, now exchanging at £5,065 ($6615). Its market cap is currently £87.68 billion ($114.46 billion). Bitcoin appears to remain stable above the $6000 price support level, a positive sign for most traders.
Over the past few days, Ethereum has recorded a number of positive moves, maintaining trading in an ascending channel. Although the coin managed to hit a high of £187.71 ($245.11) on September 24, it has since dropped to trade at £ 176.91 ($231), at 12:00 London time.
Ethereum has had tough competition from Ripple (XRP) over the past week in terms of market capitalisation, with the two coins exchanging places several times over the course of the week. Although it has since regained its #2 spot with a market cap of £18.13 billion ($23.66 billion), XRP still remains at a threatening distance, considering its market cap is currently at £17.93 billion ($23.4 billion).
XRP has been on a roll in the past few days, generally posting small gains. The price of XRP surged largely because of the latest big-name partnerships with PNC bank and Saudi Arabia’s National Commercial Bank, in anticipation of the xRapid product launch slated to happen this month. The coin hit a high of £0.47 ($0.618) yesterday, but has since corrected to trade at £0.45 ($0.587).
Market analyst predicts that once the awaited xRapid product is launched, Ripple could see many investors flock to invest in the crypto, seeing the prices of XRP skyrocket further. This will also push Ripple ahead of Ethereum to be a clear winner in terms of market cap. However, some analysts argue that Ripple has already made most of the gains it was set to make with the xRapid Launch within the last two weeks.
Cryptocurrency market shows general stability
Over the last week of September, the total market capitalisation hasn’t recorded significant movement. On September 24, the market cap was £173.075 billion ($225.789 billion), and as of now, it has dropped to stand at £170,937 billion ($223.018 billion). The correction was less than 1%, rather unusual for such a volatile market.
The final decision of the SEC on Bitcoin ETF’s and the release of the Bakkt Exchange seem to be the two leading market signals for cryptocurrencies and their associated prices.