What happened on the cryptocurrency market in the week of January 25 – 31

CONTENT

  • Ethereum updated all-time highs

  • Ripple Cheers Despite Lawsuits

  • The GameStop story rocked the crypto space

International consortium of news organizations developing transparency standards.

XRP surged from underdog into growth leader, regaining its fourth place in the rankings by market capitalization, ETH hit a new all-time high, and retail traders on the Reddit platform staged a stock market massacre. Read about these and other key events in the weekly BeInCrypto review

 

Dynamics of major cryptocurrencies

The week has been busy for the cryptocurrency market. Course bitcoin (BTC) managed to sink to the $ 29,000 area, but bounced off the lows, forming a double bottom. This helped BTC stay in the green. At the time of writing, the world’s top cryptocurrency is trading 2.51% intra-weekly, according to CoinMarketCap..

Bitcoin chart. Source Coinmarketcap

This week announced himself and Ethereum. The ETH rate on Monday renewed its all-time high on the way to $ 1500 and is potentially ready to continue its growth. The currency’s bullish outlook is supported by both technical and fundamental factors. Eth has risen in price by 2.06% over the week.

Ethereum chart. Source Coinmarketcap

However, despite the ETH records, according to Coinmarketcap, it became the leader of intra-week growth among the top 10 cryptocurrencies by market capitalization., Ripple. At the start of the weekend, it staged an aggressive rally and ended up rallying an impressive 69.60% within the week. However, according to some members of the crypto community, XRP just followed in the footsteps Dogecoin and is now repeating the recent DOGE pump. Meanwhile, the Ripple project continues to be at the epicenter of the SEC’s litigation..

XRP chart. Source Coinmarketcap

What happened on the cryptocurrency market in the week of January 25 - 31

Meanwhile, the main losers of the week among the top 10 currencies were Polkadot (-9.18%) and Bitcoin Cash (-7.91%).

Main events of the week

By far the hottest topic of the week was pumping stock prices. GameStop, arranged as a challenge by the participants of the Reddit platform. This story immediately angered the crypto community as an example of the crypto industry being unfairly discriminated against under hypocritical double standards. It is commonly branded as a volatile and highly speculative industry. However, in fact, this story clearly showed that shares of the “traditional” and “proven” sector are just as susceptible to manipulation as crypto assets..

Moreover, the situation with GameStop also affected the cryptocurrency market, causing a pump DOGE . The crypto community immediately began to suspect that the GameStop scenario was being performed with the cryptocurrency.

In addition, the popular shopping service was also under attack. Robinhood. Due to a powerful surge in market volatility and speculative activity, he was forced to temporarily restrict cryptocurrency trading. Robinhood also had to raise $ 1 billion from financial institutions and foundations to withstand the “extreme market conditions”.

1/31/21 Elrond EGLD Crypto Coin Price Prediction; it is likely time for a short term correction

Meanwhile, the outgoing week turned out to be unexpectedly good for Russia. So, it became known that the crypto exchange OKEx expanded the functionality of the P2P platform by adding support for three fiat currencies, including the Russian ruble. Another major exchange Huobi Global also decided to strengthen its presence in the CIS market. The company has appointed a new executive director for Russia, Ukraine and Turkey and noted that it continues to view Russia as a promising region for the development of cryptocurrencies..

Disclaimer

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What happened on the cryptocurrency market in the week of January 25 - 31
What happened on the cryptocurrency market in the week of January 25 - 31

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What happened on the cryptocurrency market in the week of January 25 - 31

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