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!
Key crypto assets leap
On Friday, Bitcoin as well as key crypto assets managed to ascend, thus finding themselves on track for back-to-back winning trading marathons.
Having trended lower for most of the trading week, the world’s number one crypto asset, Bitcoin has finally abandoned its short-term trading band, grasping a two-week maximum of $6,769.35. The currency pair BTC/USD hit $6,714.53 on the Kraken exchange, adding 5.3%.
Market experts at FX Pro told that a number of material projects had emitted optimism among crypto enthusiasts. Several factors contributed to this surge. Ripple’s CEO dropped a hint about the launch of a fresh product built around xRapid’s XRP coin already in October. What’s more, the representative told that users will be able to access the biggest Asian cash remittance market. Those residing in Malaysia, Vietnam, Sri-Lanka, and Indonesia will be able to access it.
The broad-based surge contributed $25 billion to the value of all crypto assets on Friday. As a matter of fact, it currently accounts for $227 billion.
The crypto asset, running on the Ripple protocol, managed to leap, demonstrating a 75% jump. Buoyed by upbeat mood as for the xRapid product, which is expected to drastically improve cross-boarder payments for banks, XRP climbed up to an intraday maximum of 78 cents.
XRP has managed to replace Ethereum as the number two crypto asset. In early afternoon trade, the currency pair XRP/USD ended up with 57 cents, adding up to 40.4% on the day.
The currency pair ETH/USD tacked on by 9.5% being worth $228.42. As for BCH/USD, this currency pair inched up by 12.7% demonstrating an outcome of $481.80. The currency pair LTC/USD added 7.2% being worth $57.87.
October delivery futures XBTV8 went up by 4.5% being worth $6,690. September delivery BTCU8 futures ascended by 4.8% ending up with $6,710.
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This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.