Analysis: Rally Seen in Top 50 Cryptocurrencies

By
eToro
2 years ago

The trend reversal which started two days ago picked up full steam, as all top 50(!) cryptocurrencies showed gains in the past 24 hours. Out of the top 10, Ethereum Classic showed the biggest climb, rising more than 37%. Ripple, Ethereum and IOTA also registered double-digit percentage gains.

Ethereum bounces back over $200

After having a rocky start in July, registering many more losing days than winning ones, Ethereum finally gave traders a reason to smile. In the past 24 hours, the world’s second largest cryptocurrency climbed more than 15%, settling well above the $200 mark. Ethereum also boasted the highest trading volume of all currencies in the past 24 hours, with nearly $1.2 billion in Ether changing hands.

‘Buy Bitcoin’ sign raised during Fed Chair’s testimony

Janet Yellen, the US Federal Reserve Chair, testified before the Senate yesterday, indicating that rates will be raised gradually. Yellen’s testimony prompted many investors to seek out alternative investment option, lifting both the stock market and the cryptocurrency market. Bitcoin showed gains of 3% as a result. While Yellen was giving her testimony on live television, an audience member seated behind her lifted a handwritten sign which read ‘Buy Bitcoin’.

Fork or no fork? Deadline approaches for Bitcoin community

The debate regarding whether or not there will be a split in the Bitcoin blockchain intensifies, as the deadline for the implementation of SegWit2x is coming up. Starting tomorrow, the protocol, which is aimed to increase transaction speeds will be deployed on a test net and Bitcoin miners will be able to adopt it starting July 21. If enough members of the Bitcoin community adopt the new protocol by August 1st, the feared hard fork will be averted. However, if they refuse, Bitcoin could potentially split into two or more cryptocurrencies.

This article was first posted on Etoro.com/blog, a Premium Trading Partner.

Featured image from Shutterstock.

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