Weekly cryptocurrency review #10
Ripple rallies by over 100 percent!
A series of positive news stories about the XRP token on September has created a positive environment that led to significant price movements, during which XRP increased from 0.28$ to nearly 0.77$ in just 5 days, that's an increase of over 100%. The accumulation of these messages began with the announcement by the payment provider, TransferGo, that it will use Ripple technology in India; then the company managed to resolve the dispute with the R3 consortium for the option to purchase XRP, and then the Japanese financial company SBI Holdings announced the launch of the MoneyTap application powered by the Ripple technology; after that, the American PNC bank joined the number of financial institutions using the Ripple xCurrent product, and more recently about the plans to launch xRapid with partners such as Santander, American Express and Western Union. Since the announcement of these messages, the price of XRP has settled down and is currently at the level of 0.56 USD.
The SEC delays the decision on the ETE VanEck-SolidX once again.
After the first, delayed decision regarding the VanEck-SolidX proposal for ETF on Bitcoin, the US SEC began the process of approving the ETF on Bitcoin again. According to SEC Secretary Brent Fields, the SEC demands more data in the form of suggestions, notes and comments from a larger number of people: "The manner of doing so is right due to the legal and political issues arising from the proposed change of rules. The procedure does not indicate that the Commission (SEC) has come to any conclusion regarding any of the issues discussed, and instead, as described below, the Commission seeks and encourages the persons concerned to comment on the proposed change of rules. ' , The SEC may potentially postpone the final decision until 27th of February 2019.
And what is the situation on the cryptocurrency markets?
The total market capitalization of cryptocurrencies increased last week by almost 8.0%, and the total turnover also increased, this time by 33% in the last 7 days. Competition in the mining industry has grown thanks to news from Bitmain, Bitfury and many other mining companies regarding the availability of new miners to dig the cryptocurrencies.
The performance of cryptocurrencies increased significantly last week, which means that some of them have made rapid increases. There was even a brief shift between Ethereum and Ripple, when XRP overtook ETH as the second largest cryptocurrency. Market leader still remains Bitcoin, which gained 2.3%, Ethereum gained 7.3%, XRP over 200% (at the best moment), and EOS increased by 7.7%. The chart below presents this situation:
The best performances among the top 40 cryptocurrencies can boast: Electroneum (108%), Ripple (100%), Stellar (30%), Cardano (26%) and Siacoin (21%).
On the other hand, among the worst performing cryptos last week were: Aurora (-39%), Waltonchain (-12.6%), Elastos (-12.0%), Populous (-9%) and Dogecoin (-9%).