Did the era of the Dogecoin, the most famous cryptocurrency, come to its end, or it is just a calm before the storm? Let’s find out!
Bitcoin boasts 20% weekly jump
On Friday, crypto assets proceeded with their ascend due to the fact that market participants who shunned American shares took deep interest in digital coins, thus creating a crypto-Christmas jump that stock holders would 100% envy.
As a matter of fact, on the Investing.com Index, Bitcoin gained 0.3% demonstrating a reading of $4,028.80. Moreover, on the weekly basis the number one crypto asset managed to push its profits to the mind-blowing outcome – 25%!
Aside from that, the world’s number two digital currency, Ethereum shot up by 5.7% ending up with $114.83. By the way, since last Friday Ethereum has rallied by up to 36%. Additionally, Litecoin demonstrated $31.86, jumping by nearly 2%, while XRP surged by 0.6% trading at $0.37261. Its weekly gain accounts for 25%.
Crypto assets had slumped a lot in the previous weeks because investors worried about strengthening regulatory scrutiny and also volatility. Nevertheless, this week, they made a powerful comeback.
At the time of writing, the overall crypto market capitalization had gone up to $134.3 billion in contrast with Sunday’s outcome of $104 billion.
Apparently, no specific driver was mentioned as the probable cause of this crypto revival. However, according to some rumors soaring scrutiny in America might eventually provoke the Securities and Exchange Commission’s approval of a Bitcoin ETF.
On Thursday, it was informed that two crypto companies CoinVantage, previously a subsidiary of accounting company MG Stover as well as Picks & Shovels decided to merge with the aim of facilitating crypto-asset management for institutional users.
Nevertheless, even with this week’s impressive profits, digital coins are still deep in bear market territory for this year. For instance, Bitcoin, the leading digital currency by market cap, has dived by 70% from its 2017 settlement of $13,800, not to mention the tumble from its all-time maximum of $20,000.
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Ethereum crossed $3000 recently and is aiming at $3500 already. Is it taking over Bitcoin's place?
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
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The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.