Markets Update: Upward Trends As All Eye Trump and China
Most of this week’s cryptocurrency markets have been on an upward trend following the top digital asset, Bitcoin. On January 16 Bitcoin’s fiat price value broke the US$900 range, once again showing a determined bullish outlook. Meanwhile, the top ten altcoins in the cryptocurrency ecosystem have either stayed relatively stable or gained value.
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Bitcoin Breaks the $900s Once Again
Bitcoin has been steadily holding value in a sideways pattern and is currently priced at $920 per BTC. The digital currency broke the $900 range just before The North American Bitcoin Conference, and rose another 15% in value after Trump’s inauguration ceremony. Many people believe Trump’s policies will be good for cryptocurrency and Bitcoin’s price also gained in value when he was first elected. This speculation may prove to come true with crypto-proponents like Peter Thiel joining the Trump team and rumors of Balaji Srinivasan leading the Food & Drug Administration (FDA).
All eyes have also been focused on China over the past week as the central bank inspections revealed new exchange policies. The top three Chinese exchanges have decided to add fees to routine trading transactions, and the new rules will come to fruition at the end of the month.
The news had little effect on the trading markets as Bitcoin’s price was unfazed by this announcement. A stark contrast to the week prior, when the rumor mill from China sparked volatile market activity.
The Top Ten Altcoin Markets and Notable Mentions
The second highest valued cryptocurrency in the space, Ethereum, has remained fairly stable over the course of the week. Ether is currently worth $10.50 USD per ETH, and the market is down 0.58 percent at press time. Ripple has also had a nonvolatile market this past week and has very slowly increased in value. One XRP is now getting closer to being worth one U.S. penny.
The fourth highest market capitalization is still commanded by Litecoin. LTC is currently worth $3.85 at press time and has been on an upward trend. Litecoin Core version 0.13.2 has been released to the public, and Segregated Witness has been activated on the LTC testnet. The anonymous cryptocurrency, Monero, has continued its rise in value into the new year. The fifth most valued crypto is now worth $12 per XMR and has been an interesting market to watch.
Ethereum Classic has kept its value above $1.25 per ETC, and many community members have been excited about the recently announced ETC trust. Barry Silbert, a long time fan of Ethereum Classic, has revealed a newly created trust similar to the Bitcoin Investment Trust (BIT).
The seventh largest market capitalization is still held by Dash, as the cryptocurrency has been on a tear. At press time the fiat value of one Dash is $15, and the market is pushing two million dollars in trades daily.
Maidsafecoin, Augur and once again Steem have held the bottom positions within the top ten market players. Other notable cryptocurrencies performing well this week have been Tether, Factom, and Zcash. The anonymous digital currency Zcash now has 500,000 ZEC available to the public, worth about $40 per token.
China, Trump, and Turbulent Global Economies
Altcoin markets have definitely followed Bitcoin’s ups and downs during the last few weeks. There has been a full spectrum of announcements within the Bitcoin community, but altcoin developments have been far and few between. The two cryptocurrency tokens Golem and Stratis have increased in value quite a bit this week climbing above 20% in value. The Stratis team has recently revealed the startup’s development-focused full Bitcoin node, alpha release, which may attribute to the token’s recent spike.
Last week’s Bitcoin price was a hundred dollars lower than it stands today and the community is happy with the upswing. Many crypto-proponents are laser-focused on China, the Trump administration, and the ongoing economic turmoil taking place worldwide. Be sure to tune in next week as Bitcoin.com follows the market trends within the cryptocurrency space.
Disclaimer: The above is an opinion and for informational purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice.
What do you think of the current state of cryptocurrency markets at the moment? Let us know your thoughts in the comments below.
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