• This week’s crypto recap is dominated by the performance of Ripple’s XRP and PEPE, which both managed to post solid gains.
• Major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) traded almost flat with minimal gains of 1.3% and 2%, respectively.
• Other notable performers include Cardano (ADA), MATIC, DOT, and TRX – all of which managed to book similar weekly gains.
This week’s crypto recap was dominated by the performance of Ripple’s XRP and PEPE, both managing to post solid gains despite a relatively flat performance from major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). The broader cryptocurrency market capitalization barely increased by around $5 billion this past week, currently standing shy of $1.2 trillion.
Bitcoin was trading at around $26,500 this time last week and managed to increase to around $27,500 a few days later before plunging back below $27K only to test $27,500 again on Thursday. However, the bears weren’t having it and made another decisive swing down resulting in BTC trading currently at around $26,800 – booking a slight increase of 1.3%.
On the other hand Ethereum is also trading for a 2% increase on the weekly chart compared to its price last week.
Other notable performers include Cardano (ADA), MATIC, DOT and TRX – all of which managed to book similar weekly gains ranging between 1-8%. Ripple’s XRP took center stage this week increasing by 8%, positioning itself as the clear leader within the top 10 cryptocurrencies by means of total market cap.
Reasons Behind Altcoin Gains
The reasons behind these altcoins’ surge are twofold: firstly due to positive developments surrounding the case against Ripple in SEC; secondly due to speculation that Paypal will soon add support for more cryptocurrencies including XRP & PEPE on its payment platform in 2021 .