Crypto Outlook: BTC, ETC, XRP and LTC Rise

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The Crypto market has finally gained some good price hikes in these seven days, with the global crypto market cap standing at $2.15T, increasing 0.66% on the previous day. Over the last 24 hours, the market volume is $115.12B, decreasing by 4.12%. This crypto outlook will brief how the market performed in the previous weeks’ time.

Bitcoin: BTC is currently trading at $47,087.82, which is a price increase of 0.71% over 24hours. Moreover, the price also increased by 9.63% in the last seven days. BTC today reached a high of $47,655.15 and a low of $46,913.06.

Today, Terra bought another BTC slot, summing up a total of 2,943BTC with an approximate value of $139 million. Terraform Labs Co-Founder and CEO Do Kwon made this investment to back their UST stablecoin with a BTC reserve instead of the US Dollar.

Terra has been continuously accumulating BTC in the company’s wallet since March 20. In the start, the wallet had 9,564 BTC, but eventually, the number increased, and it currently has 30,000 coins valued at $1.5 billion. According to Kwon, Terra has set aside $3 billion for BTC accumulation in the next three months.

Ethereum: ETH is currently trading at $3,398.66, which is a price increase of 0.17% and 11.63% in the past 24hrs and the last seven days, respectively. The ETH price formed a high of $3,435.29 today and a low of $3,359.95. Daily volumes have steadily risen, averaging roughly $20 billion over the past week.

Grayscale, A trusted market insight provider on digital currency, wrote, “Ethereum is like New York City: it is vast, expensive, and congested in certain areas. However, it also features the richest application ecosystem,”

Grayscale has issued a report on smart contract platforms in which it compares the Ethereum (ETH) blockchain to the best and worst parts of New York City.

The report analyses the pioneer of smart contract network Ethereum in comparison to newer competing blockchains such as Solana (SOL), Polkadot (DOT), Avalanche (AVAX), Cardano (ADA) and Stellar (XLM). The report comes in the wake of the firm launching a crypto fund dedicated to smart contract platforms excluding Ethereum.

XRP: XRP is currently trading at $0.8653, which is a price increase of 0.24% over 24 hours and 3.69% over the last seven days.

The XRP price has been ranging inside the ‘ascending triangle’ for more than a month on the daily time frame. Currently, the price is near the lower trend line of the triangle, which also overlaps with the critical 200-EMA at $0.84 on the 28th.

However, the buying pressure seems to be less to break the upper boundary of the ascending triangle. Since Monday, this can be seen; the price remains pressured below $0.90.

Litecoin: LTC is currently trading at $130.25, which is a price increase of 1.11% and 6.73% in 24 hours and over the past seven days, respectively.

Nikkei, a Japan-based news agency, informed that the Japan Virtual and Crypto Assets Exchange Association (JVCEA) would be releasing a “green list” of 18 cryptocurrencies that will be free from being screened every time an exchange lists them. Apart from Bitcoin, Ethereum, and a few other cryptocurrencies, Litecoin is also included in the list. Despite losing ground in terms of popularity and market cap, LTC remains a preferred asset to date.

Nitish Vaibhav
Nitish Vaibhav
Nitish Vaibhav is the Founder of the The Trading Bay. A computer science engineer turned an Entrepreneur 5 years ago. He has been in trading since 4 years in Forex and Crypto using his price action strategies. Involved in Content Creation full time for 3 years, Nitish is top rated writer on many content writing websites. He is also a YouTuber in India making videos about Crypto and Forex.

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