The crypto market continues to behave in unpredictable ways driving investors and traders crazy amid all the news, value changes, peaks, and drops. However, one thing is clear, the total market capitalization is beginning to climb following weeks of downward trends, surging from around $192 billion to more than $200 billion at the time of this article.
The market outlook has Ethereum and Ripple as the biggest climbers. Both enjoyed significant price boosts, while the rest of the cryptocurrencies remain shaky, to say the least. Meanwhile, the world’s most prominent digital asset, Bitcoin, was trading at around $6,356 at the time of writing the present piece, which was a 0.65% increase of yesterday’s value. That change is negligible, but the real news was yesterday’s revival collapsed all the way to the $6,300 range on Monday, so it is yet to be seen if today’s variation is the beginning of a comeback by the crypto giant. Bitcoin lost 3.5% in September, so there is still ground to cover.
ETH and XRP Showed Substantial Gains
Among the market volatility and general instability, two major cryptocurrencies reported significant value gains over the last 24 hours. They are Ethereum (ETH) and Ripple (XRP). In fact, Ethereum has experienced quite the roller coaster in the last 24 hours. Yesterday, its price was below the $200 mark, precisely at $194. Today, it managed to climb all the way up to $212 in a matter of two hours. Right now, at press time, it was trading at $213, and holding steady on its gains. However, ETH is still reporting 33.4% monthly loses in spite of the 7% gain experienced today.
The top ascending altcoin on Tuesday’s crypto landscape was Ripple. While the $0.32 value may not seem significant, the daily improvements are sizable: XRP grew in cost by 18%. The weekly gains are at precisely 21.75% at the time of writing this article, but the monthly losses are still lurking around, at 10.7%.
If you are looking for possible reasons to justify Ripple’s rapid ascension, consider the recent news reported by its head of regulatory relations for Asia-Pacific and the Middle East, Sagar Sarbhai: the platform plans to launch a commercial application of its xRapid liquidity solution for banks, and they are expected to do it within the next month.
Other Performances Within the Market
The Stellar platform (XLM), which made news last week with its merger with Chain to create the Interstellar platform, reported significant gains in the last 24 hours, with an increase of 4.6 percent. It is now trading at $0.21.
Bitcoin Cash (BCH) surged 1.7% to close the day at $440.60, while Cardano (ADA) went up 1.46% to trade at around $0.068. The rest of the top-20 digital tokens reported losses, with Tezos (XTZ) being among the most affected at -10.14%, trading at $1.47. IOTA (MIOTA) lost 3.6% percentage points in value, and the rest of the top altcoins went down by a maximum of 2%.
By Andrés Chávez