We’re back for the weekly recap of the top 10 cryptocurrencies in the market, and it’s been a very active week for crypto since the official announcement of Facebook’s Libra. Let’s see how the news hit:
Bitcoin: $9775.1, with a change of 5.28% from yesterday and 16.51% from last week.
Ethereum: $285.3, with a change of 6.39% from yesterday and 10.94% from last week.
XRP: $0.43917, with a change of 3.02% from yesterday and 10.48% from last week.
Litecoin: $136.81, with a change of 2.03% from yesterday and 3.78% from last week.
Bitcoin Cash: $428.35, with a change of 4.7% from yesterday and 3.72% from last week.
EOS: $6.9199, with a change of 3.14% from yesterday and 6.54% from last week.
Binance Coin: $37.41, with a change of 2.55% from yesterday and 15.18% from last week.
Bitcoin SV: $220.72, with a change of 2.63% from yesterday and 5.76% from last week.
Stellar: $0.123178, with a change of 2.26% from yesterday and 0.91% from last week.
Cardano: $0.089024, with a change of 1.43% from yesterday and 1.77% from last week.
The big highlight of the week was definitely the official announcement of Libra, Facebook’s cryptocurrency project, and some are linking this news to the big rise in BTC, which reached prices we haven’t seen since more than a year ago. While there’s a certain degree of speculation in this claim, and there may be other factors that might have boosted BTC’s price, the hypothesis says that the announcement motivated some doubtful potential investors into entering the market and some bearish users to start trading again, which is supported by the high trading volumes in the recent days.
The rest of the market seems to have followed BTC, with an average growth of 3.34% since yesterday and 7.56% since last week. In this numbers, Binance Coin showed one of the highest growths, which was caused by another great exchange, KuCoin, announcing that they would start listing BNB as a coin in itself, granting it a boost of solidity among others.
Will BTC break the $10,000 psychological resistance in the next few days? Will Facebook’s announcements start killing off altcoins as time goes by until their planned release during the first half of 2020? Or will the attempts of such a large company raise skepticism towards decentralization that will boost said altcoins? We can only speculate by now, but analysts’ reception towards Libra seems to be leaned towards the skeptic side.