Cryptocurrency Market: Ripple Makes Waves, Bitcoin Rallies

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Cryptocurrency Market Ripple Makes Waves, Bitcoin Rallies

In the past week, several cryptos have seen growth in their value and market activity. Ripple (XRP), Bitcoin Cash (BCH), and Stellar (XLM) led the cryptocurrency market in terms of price growth, mostly due to breakthroughs in development.

Ripple’s xRapid and Stellar’s Starlight announcements caused excitement within the cryptocurrency market, pushing values up. BCH also surged thanks to the approaching hard fork in mid-November, while USD Coin (USDC) was listed on several exchanges. Ethereum (ETH) and Bitcoin (BTC) also recorded some hefty gains: BTC gained $200 in value, while ETH gained $22.

Cryptocurrency market – the winners

During the past seven days, most top 10 coins saw some nice gains. XRP, BCH, XLM, and Litecoin (LTC) were the clear winners in terms of price growth. XRP felt the hype more keenly than Bitcoin, especially after xRapid continued announcing new partnerships. xRapid targets banks with its fast transaction network and low fee structure. On the back of the announcements, the XRP network experienced a 20 percent increase in value.

The industry saw another big winner this week: BCH. The cryptocurrency experienced the surge mostly due to the approaching Bitcoin cash hard fork on November 15. Although reports suggest a code split is likely, the price still grew 50 percent in the past seven days. With major platforms announcing their support, the Bitmain project aims to implement a new coding script for the network. The fork would allow validations outside of the blockchain network.

Similarly, XLM gained 15 percent in value after the announcement of its bidirectional payment channels platform, Starlight.

Locking up funds would allow users to make transfers without the network’s involvement. The healthy price increase shows the cryptocurrency market’s interest in the announcement. The Blockchain Wallet’s announcement of an XLM giveaway worth $125m over the coming months also helped boost Stellar’s price. Speculation that XLM will soon be listed on CoinBase capped off a great week for the altcoin.

Cryptocurrency market – the workers

Bitcoin retained last week’s value of $6,500 on November 1, only to decline the following day. However, the BTC whitepaper’s 10-year anniversary seems to have had a short-term impact on the cryptocurrency market. Additionally, the announcement of Goldman Sachs’ possible BTC derivatives helped the coin grow three percent. That said, the unproven hype seems to be having a reduced impact on the cryptocurrency market these days.

Both the Bitcoin and Ethereum networks have a long-term development strategy in mind. That means that without groundbreaking announcements, it’s hard to predict how their value will change over the next week. However, the sentiment is largely positive thanks to the impending arrival of the Bakkt exchangeVitalik Buterin’s optimism regarding the Proof of Stake, shown during the Devcon4 conference, might trigger a positive response from the industry, even though the Constantinople upgrade has been delayed. Additionally, Google CEO Sundar Pichai’s surprise over his son’s Ethereum mining operations might push investors to try out the market as well.

The rise of stablecoins

After an initial sharp decline, Tether exerted great effort in retaining not only its value but also the trust of the cryptocurrency market. The stablecoin forced its way back to above $0.99 through its new banking partnership with Deltec Bank & Trust. The news provided much-needed relief for the stablecoin, which has been plagued by its declining value. However, rumors regarding Deltec Bank potentially being part of the Bahamas warning list might cause problems.

On the other hand, Circle’s stablecoin – USDC – reached 54th position on Coin Market Cap. So far, 12 exchanges accept the cryptocurrency, with the most prominent being Coinbase, Poloniex, and Okex. Another stablecoin, TrueUSD (TUSD), also saw rapid growth in terms of volume traded, surpassing the $24 million mark. The rise of alternative stablecoins might be connected to issues regarding the most popular stablecoin, Tether.

What might next week bring?

XRP might continue its bull trend if the number of banks accepting the xRapid network rises. So far, the platform has not said exactly how many institutions will implement the new solution, but the cryptocurrency market remains largely optimistic.

Similarly, BCH faces an interesting period ahead. Major platforms have decided to support BCH’s development, including Coinbase, Binance, and KuCoin. However, the upgrade might result in a code split.

Overall, this week saw the cryptocurrency market rise above the previous month’s peak, with the most major player performing well. Of course, nobody knows exactly what next week holds. But with some major developments in the works, there is cause for optimism.

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