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New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?
New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?

Three Reasons That Could Push EOS, Ethereum, Litecoin, and Others into a Bull Run

  • Darryn Pollock
    🤷 Opinions

    The latest rally in the cryptocurrency market has been one driven by altcoins, as well as a long standing one — is a Bull Run imminent?

Three Reasons That Could Push EOS, Ethereum, Litecoin, and Others into a Bull Run
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Contents

The last seven days have been overall quite positive for the entire cryptocurrency market with the head of it, that being Bitcoin, almost crossing the $4,000 mark. However, while Bitcoin still has major sway over the way in which the market moves, it could be that an altcoin season is brewing.

The likes of EOS, Ethereum, Litecoin, and even a few others have been instrumental in propping up the market with positive price moves, and what is more, they have found points of support and managed to stay above them for an extended period of time.

In these last seven days, the coins mentioned above have moved thusly: Bitcoin is up 9.84%, Ethereum is up 21.24%, Litecoin is up 23.13%, while EOS is up 35.72%. These are impressive numbers in what has been termed a cryptocurrency winter.

But, are these movements, and the extended rally, enough to suggest that the bearish market is under threat? Well, there are a few reasons to believe so.

Long and wide

So, while the cryptocurrency rally of the past week has propped up some coins with significant gains, it has also shown it is not only a lengthy rally, but a wide one too. In the top 100, only seven cryptocurrencies dropped in the last seven days, while 93 advanced.

Again, it is indicative of the power of other coins, not just Bitcoin, moving the market. Bitcoin has played its part, probably ending the spike when the $4,000 resistance was tested, but it has not been a rally that has relied on one coin, and thus it has been able to spread throughout the entire market.

Blockchain news

Another reason why this rally may be a change in fortunes for cryptocurrencies is that there has been a lot of positive news about blockchain projects being used in enterprises. Companies and people are looking to make partnerships with blockchain projects, some of them in the top 10 of the market cap ranking.

There is the partnership between Mastercard and the fintech startup Stellar, a Western Union and Ripple project, and the introduction of a NASDAQ Bitcoin index. Even JP Morgan is starting to use blockchain for their own cryptocurrency, giving legitimacy to the underlying technology.

Bitcoin tested

The bull run could really start to kick off if the key resistance of $4,000 for BTC is broken and the major cryptocurrency can stay above that mark. It would represent the first time since November last year that Bitcoin has managed to break a $1,000 resistance mark and would spread positivity.

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Ripple’s Market Cap Further Slips Behind Ethereum as XRP Price Prediction Stalls

  • Jack Thomas
    🤷 Opinions

    📊👀Ripple’s Market cap, through its XRP token, was ahead of Ethereum at a few stages, but its price prediction has slowed and come under pressure from resistance below the $0.33 mark, and in doing so, Ethereum has pushed higher into second place

Ripple’s Market Cap Further Slips Behind Ethereum as XRP Price Prediction Stalls
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Contents

Ripple, and its native token XRP, have been stuck in a bit of a price vacuum over the past few weeks and months as many other coins have managed to break such marks. Sitting between $0.30 and $0.33, XRP has actually started to even lose ground on Ethereum in terms of market cap.

The third-ranked coin by market cap has in the past managed to over take the smart contracted-based blockchain as it surged in interest and growth in the recent past, but now it has fallen back by nearly $2 billion.

In terms of price prediction, XRP has a lot of hope and positivity surrounding Ripple’s efforts to make it a staple of banks going into the digital age, but it has stalled in its own growth recently, which is surprising seeing as other altcoins have doubled in 2019 alone.

XRP’s sticky situation

There was a small drop in the market last week which was halted when Bitcoin managed to keep above $4,000, but XRP also tested an important resistance. After testing the $0.3000 support, XRP’s price started a short term rebound against the dollar.

The price traded above the $0.3050 and $0.3080 resistance levels. The price even traded above the $0.3100 level, but it faced a strong resistance near the $0.3120 level. Besides, the price even failed to test the $0.3120 level and the 100 hourly simple moving average. A high was formed at $0.3113, and later the price started a downside move.

XRP is especially low currently, testing its floor rather than the ceiling, which has been seen closer to the $0.33 mark, but what is not helping the coin get past any of these resistance marks is its drop in market cap.

Ethereum taking the initiative

It is difficult to tell if Ethereum is making ground on XRP’s market cap based on its own growth – which has not been astronomical in terms percentage gains in the last few weeks – or if it has to do with XRP losing its own worth and value in the eyes of the market.

Ethereum is facing some major changes in the near future, and it could be that early investors are starting to look for a cheap deal as they prepare for the Casper upgrade and the change to Proof of Stake. Ethereum is bound to make big ground when that happens.

Ripple may not admit it, but having XRP as the second ranked coin above Ethereum would be a big deal for them as it adds a lot of legitimacy in the general market and helps in boosting their own worth and value as a company looking for more partnerships.

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