The Week in Cryptocurrencies
Cryptocurrencies are rising after a full Quarter of basing, as a group they roses on the week, as Tax Day in the US passed.
Bitcoin the largest digital currency by market cap, is at its highest marke since late March.
Currently, Bitcoin is trading at: $8,800.0146, -130.091, or -1.46%, at 8:57p BST, the market is closed.
Overnight Bitcoin, cracked the Key resistance at $9000.
The prices of many other cryptocurrencies are following the lead of Bitcoin, it is not surprising, and some other digital coins have been outpacing Bitcoin, posting larger increases on the week.
Ripple has climbed more than 11%, with a price currently above $0.92.
Think Markets UK chief market analyst suggests that “as the larger crypto-market gains more confidence and positivity, Ripple’s valuation should grow in tandem with the overall value of the cryptocurrency market.”
He continued saying that ripple has a “potential 5.44X growth” as compared with 1x-1.5X for Bitcoin as compared with prior all-time highs.
In the altcoin space.
Bitcoin cash dominated here, climbing back up above $1000 for a week-long gainer of more than 40%. Ether, litecoin, and others also rose substantially on the week.
Other important happenings
Venture capital firm Andreessen Horowitz led a group of investors in meetings with the US Securities and Exchange Commission throughout the week in an effort to lobby against digital currencies like ether being categorized as securities.
If this happens, it’s likely that these cryptocurrencies would come under heightened US regulatory scrutiny. The meetings this week followed up on prior discussions last month, in which the group of investors and venture capitalists presented a case for safe harbor, the terms of which would allow for certain tokens to be categorized as “utility tokens” rather than as securities.
Have a terrific weekend.