AltcoinsBitcoin

Ethereum Shoots Up by 11% While Bitcoin Looms Around the $6,400 Mark

During the past 24 hours, ethereum has bumped up by a shocking 11.67% standing around a value of $192, while bitcoin has spiked up by 2.97% floating around a market price of $6,464 as per CoinMarketCap.

In addition to bitcoin and ethereum, almost all the major cryptocurrencies such as ripple, bitcoin cash, EOS, stellar and litecoin are also showing green trends for the past 24 hours.

Source: CoinMarketCap

This is a relatively short term recovery that is being shown by the crypto market as of now. It is to be kept in mind that these trends are being shown by the major digital currencies in the hindsight of all the recent advancements that have been made in the crypto world.

On one end, a regulated stablecoin named Gemini dollar has been launched by the Winklevoss twins, while on the other end, Nasdaq is focusing on launching a cryptocurrency platform in the future. Nasdaq, which is one of the largest trading firms on Wall Street, getting interested into the prospect of cryptocurrencies has surely stirred a lot of buzz in the investor community. We are also seeing the New York Stock Exchange pushing Bakkt to be launched for the crypto market which aims at providing the users with a secure and a transparent ecosystem for buying, selling, storing and spending cryptocurrencies ensuring more consumer and merchant participation.

Also, Coinbase, which one of the leading digital currency exchanges in the U.S., recently went on a hiring spree despite the bearish trend that was being shown by the cryptocurrency market. This interest from almost all the major spearheads of the financial market might just be one of the reasons why the crypto market is seeing a sudden boom with all the top digital assets going up.

All of these happenings that have taken place in the market quite recently signify that the crypto market is most likely going towards more maturity moving forward. This upward trend shown by almost all the major cryptos can be considered as a consequence of all the developments that have been made across the crypto space quite recently.

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Ahsan Khalid

News editor of BlockPublisher, an electrical engineer with majors in software development. Ahsan takes the engineer's approach for reporting legislation around the blockchain industry. Email: editor.news@blockpublisher.com

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