XRP Price Begins Soaring - Gets Back Above $0.35. Monday, November 26th
- Author: Zachary Reyes Nov 28, 2018,
Nov 28, 2018, 19:45
Nasdaq, the second largest stock exchange in NY, is speculated to be launching a Bitcoin Futures platform early next year.
The crypto investor believes that bitcoin price will rise sharply in the days to come as institutional investors have started buying digital currencies after the big selloff. While an optimistic post has indeed helped the BSV market add a few hundred million in near-term, its sustainability in the top ten cryptocurrencies would exclusively depend on adoption by both miners and users - if they can deliver.
Investors remain net-long cryptocurrencies but recent changes give us a mixed trading bias - for example the number of traders net-short Bitcoin is up from last week. The decision of SV to step back from continued hostilities with the Roger Ver/Jihan Wu-back Bitcoin ABC has led to an nearly immediate uptick in the trading price of the coin - which has been boosted by a little over 75% in the last 24hrs, and - at the time of writing is trading at around the $115 mark according to CryptoCompare Index. He mentioned that "The bitcoin downturn that we've seen over the past 48 hours is most likely as a result of market fragmentation, with Bitcoin Cash-the fourth largest currency in terms of market capitalization-experiencing a hard fork earlier this month".
Therefore, more and more investors are turning to pioneering technology such as algorithms to protect themselves from the volatility.
However, the bears piled the pressure on and the week has ended with a new 2018 low for Bitcoin, falling below $4,200 on Friday, taking the entire crypto market down with it.
Nasdaq, the 2nd largest stock exchange in the world is planning to launch bitcoin futures that will be traded on its stock exchange. "U.S. stocks, at least for now, have a $25 trillion market cap yet bitcoin trumps both Nasdaq and NYSE on Google search".
As the price of bitcoin goes up, so does the incentive to invest more in energy-hungry mining equipment, he said. "As a rewards-based approach to securing a network, it has proven successful in supporting the growth of bitcoin and other cryptocurrencies, but it also has led to a couple unfortunate outcomes".
The coin has been trading above the key support level, noted at $0.344, since the latter half of Sunday. Ethereum, which is replaced by XRP from the second spot, trades around $116. At the time of writing, ETH is trading down just over 2% at its current price of $106 and is slightly off if its 2018 low of just under $100. Litecoin is up 11% today while Monero price jumped 13%.