Crypto Market Wrap: XRP Surges Ahead of Ethereum by $2 Billion
Market Wrap
Crypto markets climb slowly higher, XRP surging, Bitcoin Cash and IOTA doing well, Tron and NEM fall back.
Crypto markets have continued a slow recovery process again today but one or two of the majors are showing a little more momentum. Total market capitalization has nudged above $115 billion but progress is far slower going up than it was coming down.
Bitcoin is stuck at its new resistance level of $3,500 and it cannot overcome it. It has climbed about a percent on the day by further gains look unlikely. Daily volume for BTC has remained at $5.8 billion but market dominance has dropped back below 53%.
Ethereum has clawed back 3.5% to take it to $110 but it remains weakened. The market cap gap to XRP in second has doubled to $2 billion now as the Ripple token is on a flyer. On the news that SWIFT has partnered with R3, which has a blockchain product using XRP, the token has surged 12% on the day. CEO Brag Garlinghouse met with SWIFT boss in Paris to discuss the future of cross border transactions but no direct partnerships were mentioned. Either way XRP is the only altcoin in the top fifty gaining double digits as daily volume doubled to $880 million.
In the top ten Bitcoin Cash has also made a big move with a jump of 7% during the day’s Asian trading session. This has enabled BCH to flip Tether and retake fifth spot chasing down EOS which has only scrambled 2.5% back. Stellar has fared a little better with a 3% gain and Tron is the only coin in the red in this section with a loss of 1.5%.
The top twenty is also mostly green and the top movers here is Iota with 5% flipping Monero for 13th place. The rest have gained around 1 – 2 percent on the day aside from Nem which has slid back 2.5%.
The exceptionally erratic Buggyra Coin is pumping again today with a fomo induced 20% gain. XRP is the only other altcoin making double figure progress today. BCH is also up there as one of the day’s top performers. There are no big dumps going on but those at the messy end of the table include Holo and Waves.
Total crypto market cap has inched another 1.8% higher as it crosses $115 billion. The move is largely down to XRP momentum as action has been limited elsewhere. Crypto markets have yet to recover from Monday’s $7 billion dump which indicates further pain could be forthcoming.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals
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by Martin Young on January 31, 2019 at 01:00PM