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Bitcoin Stuggles to Float over $6,500 While XRP Still Blooms

The market capitalization hasn’t shown much growth for the past month or so. The overall cap has struggled to make it past the $220 billion mark showing a sinusoidal behavior with random ups and downs while giving volatile signals. The market’s behavior has pretty much been tied to the behavior of bitcoin as the dominance by which BTC is leading the market is 51.2%.

src: coinmarketcap

The overall market as of today has shown no signs of growth, the infographics of coin360 show that most of the cryptocurrencies have plunged down to by little percentages.

src: coin360

BTC that reached $6,700 a while back is signalling no signs of gaining a positive momentum as it hasn’t shown significant growth for the past month. The analysts that predicted the cryptocurrency to reach an overall valuation of $50,000 by the end of the year which included Arthur Hayes and Ran Neu Ner seem to be sweating over the fact that bitcoin may not be able to make it up to their unrealistic expectations as they seem now.

The reason as explained by most of the analysts and crypto enthusiasts is the stuck case of the BTC ETF proposal. The first major plunge faced by bitcoin was because of the first rejection for the ETF proposal by the Winklevoss brothers. Since then, SEC has been skeptical when it comes to the acceptance of the ETF proposal. Although the demand for an ETF is rising day by day and the pressure on SEC from the general public and investors is increasing, the regulatory body is looking deep into the solutions for the fraudulent and manipulative activities that are being carried in the crypto world. Regarding the acceptance of the BTC ETF proposal, the founder of Morgan Creek Digital Jason A. Williams said talking to BlockPublisher,

We may have an ETF by EOY. If that happens we will definitely get a bump in crypto price. More than that, we will see custody solved with products like Vault and announcements of institutional investors allocating money to this asset class.

He also said that this move would help BTC more than any other currency. The institutions which are being skeptical about investments in crypto would be musch safer once an ETF is formed. The board member of 9 spokes, Thomas Power also said that once the ETF is approved, the SEC would give brand confidence to crypto and BTC in 2019. Each analyst and enthusiast has his own take on when the ETF would be approved.

Although BTC is the top rated cryptocurrency by volumes, the attention of the overall market is focused on the volumes of ETH and XRP as they’re both competing for the second place in the market capitalization. Regardless of the market’s volatility with random surges and plunges. XRP is showing great signs of growth. Unlike most of the currencies which have shown negative growth factors this month, XRP has shown its true potential by pumping up +66.79%. The currency has made an individual growth of +8.67% today while ETH tried to follow the footsteps with a growth factor of +4.23%.

Following the surge in the valuation of XRP (Trading at $0.577 as of press time) the investors got inclined towards the currency expecting more surges by prediction through the momentum gained by Ripple. The investor Sam Ball said in this regard talking to BlockPublisher saying that,

I’d wait until it’s gone back down or look for something which hasn’t pumped yet. People buying now will probably just end up as back. I could be wrong but I think it’s hard to argue recent events have made it 3x more valuable than it was a week ago.

Probably not the best time to invest in XRP according to Sam Ball.

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Shehryar Hasan

Performing artist, guitarist and sub-editor at BlockPublisher. Shehryar is an electrical engineer and blockchain enthusiast. He holds investments in bitcoin, ethereum, OST, TRX and Ripple. Email: shehryar@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

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