The crypto market held a convincing rally this week, ending the US tax season with the rise of altcoin prices such as Ethereum, Ripple and Bitcoin Cash. Beef was also strengthened as the world's most powerful digital currency traded above $ 8,700
Stock markets also rose during the week as corporate earnings pushed the major averages on Wall Street and Eruo. However, stocks that raised interest rates and listed bonds rose sharply on Thursday and Friday.
Meanwhile, commodity prices continued to soar, with oil prices hitting a three-year high.
Digital money surpasses the 380 billion threshold
The market capitalization of all currencies on the market surpassed $ 380 billion on Friday (and this morning surpassed $ 400 billion) for the first time in more than a month, ending the US tax season. interest in buying increased.
The value of crypto coins has increased by more than 20% during the week. Altcoin was the biggest gainer, with Ethereum, Ripple and Bitcoin Cash posting double digits.
Ethereal has risen 20% in the past five days, trading at $ 598 (at the time of its release it was $ 620 higher). XRP increased 40% in the same period, reaching $ 0.92. Bitcoin Cash was the biggest gainer, up 49% to $ 1,073.
Bitcoin prices have steadied above $ 8,500 after gaining momentum, although its market share fell to less than 39 percent for the first time since February. The currency has managed to surpass huge sell orders from at least two BTC whales, who sold $ 100 million BTC at the start of the week.
Interestingly, Bitcoin still retains its position even when the relative value in pair with Ethereum has decreased. In the past, weaker BTC / ETH exchange rates were a negative sign for Bitcoin.
What to expect next week?
The price adjustment of the digital money market will be closely monitored next week as traders try to avoid the bull trap. Recent strong performance of altcoin is a good indicator that the market is rising after the first quarter of volatility.
Strong quarterly results are also expected next week, which could help tame volatility on Wall Street.