Cryptocurrencies have seen a recovery of about $25 billion in the past few hours after the market seems to be preparing for a bullish movement. With Bitcoin also recovering about 3% in the past 24 hours, the current state of the crypto market seems to be driven by altcoins in the top 10 cap category like Ripple, Bitcoin Cash, EOS and IOTA which have witnessed the biggest movements in the past 24 hours. PayPal might also be giving cryptocurrencies and opportunity to thrive with their policy changes.
The past few days saw privacy coins such as Monero, Particl and Dash make major moves following the partnership announcement between Verge and Pornhub. However, given the current state of the crypto market, Ripple, Bitcoin cash, EOS and IOTA seem to be taking the lead.
Ripple, for example, has amassed a growth of 17% in the past 24 hours according to coinmarketcap.com. This bullish movement started a week ago with Ripple only trading at $0.51 per coin. As of writing time, Ripple trades at $0.85 with close to 30% price increase in the past 7 days.
The CEO of Tokyo based SBI Holdings, Yashitaka Kitao has also predicted the coin will hit $10 before the end of the year. However, it is not yet known why the coin has seen such a sharp increase in the 24hours.
To the surprise of many, Bitcoin Cash has seen a steady upward movement in the past 7 days after hitting a low of $724.12 on Saturday, the coin has since then seen an upward movement making it one of the best performing coins in the past 7 days. As of writing time, Bitcoin Cash trades at 1,063
Also, EOS and IOTA have both seen similar movements with EOS gathering a 13% price increase in the past 24 hours and IOTA 12% price surge making them the 3rd and 4th best-performed coins in their category.
With Rumours of PayPal introducing a flat rate for transactions, a move which will highly disfavour money recipients from developing countries, combined with developing stories within the industry such as Christine Lagarde’s endorsement of cryptocurrencies, the worst we can expect to see at this point is a minor correction with high chances of price increases within the coming days.
What is your opinion on the state of the crypto market? DO you think we can expect to see a bull run anytime soon?
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