Cryptocurrency Market Seems To Be Following Uncertain Trends

Posted on: Feb-2019 | By: Pro Market Reasearch | Technology

According to Coin360 data, on January 16, 2019, cryptocurrency markets followed the bull trend, with top 20 coins based on market capitalization were surging for a period of more than 24 Hours including Bitcoin maintained its value above $3,600, touching its 24-hour maximum at $3,707. The unrestricted characteristic of Bitcoins has been influencing the rise in demand across the market. With the rapid adoption and rising trend of wireless communication and online business activities, the cryptocurrency market could possibly skyrocket in the upcoming years.

Around 0.86 percent increase was noticed in XRP currency trading at nearly $0.33, remained almost stable throughout the day.

ETH, Ethereum’s cryptocurrency was observed with a considerable hike as compared to XRP and BTC by an upward shift of 1.45 percent. Based on the weekly index, ETH was traded at maximum with $151.94 on January 10 and its weekly lowest was $115.16 on January 13.

However, rising illegal activities and security threats may direct slow down in market growth, leading to market trade decline. Cointelegraph recently reported another delay in Ethereum’s blockchain platform update, known as Constantinople hard fork due to the risk of reentrancy attack. Government policies are somehow responsible for declining market growth. Recently, a U.S. government agency, IRS announced to implement taxes over the virtual currency. So, the investors would have to maintain the cryptocurrency trading records.

On January 16, the Cryptocurrency market was giving green signal due to the value hike in 18 out of top 20 key market holders ranging between 0.57 percent and 4.55 percent, on the basis of CoinMarketCap’s data. The maximum of 4.55 percent was seen in Binance Coin (BNB) trading at $6.18.

The two minor players of the top 20 cryptocurrency market holders noticed with a slight plunge in coin value were Tether (USDT) -0.41% trading and stablecoins USD Coin (USDC) -0.04%.