Crypto Currency Moves Explained
As we can see from the chart, Bitcoin, Ethereum, and XRP are correlated on each other's moves. Back in March when the pandemic started to hit multiple countries and worries jumped in the markets, we can see how these 3 cryptos responded. As we can mostly see, when a bullish move is happening, most of the time Bitcoin takes the lead against the two. But when a bearish move occurs, XRP takes the lead and yields more potential losses (%).
We can interpret that XRP is more volatile and more dangerous compared to Ethereum and Bitcoin. With this volatility, traders hold the grip a lot tighter than other crypto enthusiasts. That's because in a single day, XRP could boom or bust 50% of its price or even more. November 26, XRP fell more than 10% in a few hours, and that's something that could lead to a mini heart attack.
Bitcoin however is more sustainable when it comes to big moves like these. Bitcoin can only fall single digit percentages, while other cryptos stumble two digit percentages. Bitcoin enthusiasts still believe that bitcoin will push towards the 100k level. Unfortunately, bitcoin still has a strong resistance at around $19,700, which would cause some worries. But believe it or not, bitcoin would be able to break that level, it would just take some time before that happens.
Ethereum on the other hand, has its ETH 2.0 almost ready for release. December 1st is a date you should mark at your calendar. Many enthusiasts believe that this would serve as the spark of Ethereum in order to push for all time highs.
As always, all time highs are never easy to break. It takes a lot of bullish power and institutional beliefs before something of tremendous previous value could be broken. Although the belief of a crypto dump is viable, we still have the fact that the internet and payment systems need to be decentralized. This is the revolution against payment systems monitored by the government. Crypto is the future, like it or not. Just like the internet back in the 1960s, a very few people only were interested and believed in it, but look at it now. Technology is the future. And any means on developing technological purposes, creates an impact for the betterment of the sector and its users.
We can interpret that XRP is more volatile and more dangerous compared to Ethereum and Bitcoin. With this volatility, traders hold the grip a lot tighter than other crypto enthusiasts. That's because in a single day, XRP could boom or bust 50% of its price or even more. November 26, XRP fell more than 10% in a few hours, and that's something that could lead to a mini heart attack.
Bitcoin however is more sustainable when it comes to big moves like these. Bitcoin can only fall single digit percentages, while other cryptos stumble two digit percentages. Bitcoin enthusiasts still believe that bitcoin will push towards the 100k level. Unfortunately, bitcoin still has a strong resistance at around $19,700, which would cause some worries. But believe it or not, bitcoin would be able to break that level, it would just take some time before that happens.
Ethereum on the other hand, has its ETH 2.0 almost ready for release. December 1st is a date you should mark at your calendar. Many enthusiasts believe that this would serve as the spark of Ethereum in order to push for all time highs.
As always, all time highs are never easy to break. It takes a lot of bullish power and institutional beliefs before something of tremendous previous value could be broken. Although the belief of a crypto dump is viable, we still have the fact that the internet and payment systems need to be decentralized. This is the revolution against payment systems monitored by the government. Crypto is the future, like it or not. Just like the internet back in the 1960s, a very few people only were interested and believed in it, but look at it now. Technology is the future. And any means on developing technological purposes, creates an impact for the betterment of the sector and its users.
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