While last week was marked by a strong increase in the price of bitcoin, this week is a turn towards alternative cryptocurrencies to BTC. Interestingly, with the increase in the price of the remaining cryptocurrencies, the price of BTC still remains close to its historical high.
One of the altcoins that definitely stands out from the others is a ripple. The price of this cryptocurrency in relation to the U.S. dollar, only from last Friday to today, has increased by more than 100 percent. At one point in the day, the increase was 140 percent. Saturday, because you can also trade cryptocurrencies at the weekend, was the first day of strong increases, which then accelerated on Monday and Tuesday. It is said that the factors that could positively influence the XRP were the growth of unique addresses, the purchase of digital coins by ripples and the possibility of implementing new products. As a result, the XRP/USD exchange rate rose to its highest level since May 2018 and is getting closer to 1 USD, where just a few weeks ago 1 XRP cost about 0.25 USD.
A strong upward trend, but not so spectacular, appeared on ETH and LTC. The ETH/USD exchange rate over the past 4 weeks has risen by almost 60%, while LTC/USD has risen by more than 60% over the past month, with BTC staying close, but under its record level of 2017. It happened that altcoins fell as BTC rose. In turn, the increase in their value caused a decrease in BTC. Currently, all popular cryptocurrencies seem to be more expensive, which may indicate a wide inflow of new capital to this asset class.
The topic of bitcoin is becoming so popular that it appeared on the front page of The Wall Street Journal. In the November 23rd issue, "WSJ" discusses the adoption of this cryptocurrency by institutional investors, as well as what we wrote some time ago that bitcoin has recently found support from Wall Street billionaires, including Paul Tudor Jones and Stanley Druckenmiller, as well as other public figures. This is the first time that BTC has been mentioned in an important medium since the strong price increase with little interest from the media or Internet users in BTC.
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
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