- Ripple (XRPUSD on xStation5) spikes on fresh China-related rumors
- Ethereum (ETHUSD) keeps rising and could eye its all-time high before long
- Cryptocurrency market strikes another new record capitalization
Moves across the cryptocurrency market tend to be huge, hence a yesterday’s spike seen on Ripple couldn’t have been surprising. The fourth-largest digital currency in terms of capitalization surged yesterday evening from under $0.2 to above $0.24. That amazing increase could have been attributed to rumors which came in at the same time. Those concerned that Ripple would enter the Chinese market. Even as they were not official, it was sufficient to exert hefty upward pressure on the price.
Ripple broke a resistance/support zone yesterday after rumors related to China. Source: xStation5
Moreover, Ripple got yet another upbeat story as the Profit Confidential Research published its report. The company predicts Ripple could breach the $1.00 mark before the New Year, giving investors roughly 400% upside potential.
Moving to Ethereum, the digital currency has kept on rising while its peers have stalled or been contained within a consolidation, except Litecoin (LTCUSD) which has soared at the beginning of the new week. Looking at the chart below one could notice that the price has already approached its first obstacle – $360. If that level is broken, space for an extended rally could be opened.
Ethereum slowly but surely keeps on rising. The price has already struck $360, a further upside cannot be ruled out though. Source: xStation5
Along with stormy performance seen across a majority of coins, the total cryptocurrency market capitalization reached its new all-time high yesterday showing astounding $160 billion. Having looked at the chart beneath we could spot that an increase has gathered momentum since the beginning of August. This suggests that all cryptocurrencies draw more and more attention.
Total cryptocurrency market capitalization strikes $160 billion – the highest level ever. Source: coinmarketcap.com