Data & Research / 29.03.2020
Get the weekly summary of cryptocurrency market trends, news, and forecasts!
This Week’s Summary
The Crypto Market ends the week at a total market capitalization of $173 billion
Bitcoin gains 10% in dollar value and trades safely above the $6,500 mark
Ethereum traded steadily between $135 and $140
XRP rises to $0.19 but drops by 3% on the weekend
The Trump Administration announces a $2 trillion economic stimulus
The equity market also increases by 10%
Covid-19 has now spread to 199 countries and territories on the planet
New York is set to become the first US state to close under strict quarantine
Crypto Trends 23rd – 29th of March 2020: PERFORMANCE & ANALYSIS
The last week saw a similar evolution of the cryptocurrency market to that of the previous week. Monday started with a minor slump in value for Bitcoin and the ensuing altcoins. However, as the days went by, they started trading in the green with remarkable consistency. The weekend brought yet another decrease in dollar-value, which is supposed to last until Monday afternoon.
Bitcoin steadily increased in value, and its rise has been backed by a succession of good news that played in its favor. Firstly, the Federal Reserve announced that it will buy an unlimited amount of treasuries and mortgage-backed securities to support the financial market.
The news also had a positive impact on the equity market and gold value, as well as a good number of other industries and markets that experienced a considerable increase in these troubled times.
Then, the Trump Administration announced a bill through which it will stimulate the economy with a brand new infusion of $2 trillion. These are all good news for the most popular crypto out there, and some experts believe that BTC will see a major increase in the next few months. For now, Bitcoin is trading at $6,175.
Ethereum followed Bitcoin’s lead and steadily increased throughout the week. Similar to other altcoins, ETH consolidated as most of the financial markets are still recovering from the early March slump. It is a clear indicator that the crypto market is hanging in with remarkable stoicism.
At the moment, Ethereum is trading at $130, after bouncing back and forth between $135 and $140 throughout the week, but it is expected to recover soon and aim for the $150 resistance level.
Ripple’s XRP had a pretty good week until today. On Monday, it started following the same downtrend that the entire market was experiencing, but it regained value with each passing day, reaching as high as $0.191. Unfortunately, today it dropped by %3 and it now trades at $0.172, which is still promising for the upcoming weeks.
What’s in the News?
CoinZoom, a U.S. Regulated Cryptocurrency Exchange launches a Crypto Trading Platform and CoinZoom Visa Card
Peter Schiff, the Euro Pacific Capital CEO commented that Bitcoin price will surge even if the economy will take a major blow following the Covid-19 pandemic
A new report hints at the imminent release of China’s first digital currency
New York imposes strict travel measures for its citizens as the state bemoans the worst impact of the Coronavirus pandemic in the country
The Covid-19 has now spread almost everywhere on the planet infecting more than 600,000 people and killing at least 30,000