The week started very well for the world’s most powerful cryptocurrency, as Bitcoin’s price went up with a small percentage, while the rest of the market had a tendency to go down.
Ripple‘s XRP, on the other side, took another hit as Bitcoin began to rise, pushing the price of the coin down vs BTC, at a very fast rate, even fast than the one in the weekend, according to SlashGear.
But everything happens for a reason!
Of course, there are a few explanations regarding BTC’s rise! First of all, it is Martin Luther King Jr day in the United States, so a lot of businesses are closed, while schools are also out. Therefore, a lot of hobby traders are at home, splashing some cash on Bitcoin.
There was a lot of room for growth, as last week all cryptocurrencies took serious hits, after the announcement made by South Korean officials, regarding the possibility of a total ban of investing in coins. However, things were clarified since then and the general attitude towards this topic was tempered.
Over the past months, Bitcoin has proven one more time – if still necessary – that it’s incredibly volatile. And we’re sure about one thing: its price can be easily influenced by news. Actually, we even observed a pattern, which reveals that when altcoin prices go up, BTC goes down.
To sell or not to sell?
As for Ripple, investors are still optimistic and expect big things from one of the fastest growing cryptocurrencies of the last year, despite not doing very well these days. After signing a partnership with MoneyGram, XRP is expected to be used by more and more important companies, thanks to its incredibly fast transfer capabilities.
Recently, some rumors were claiming that Western Union is also planning to use its blockchain. If this becomes reality, analysts expect the price to skyrocket once again and even surpass the coin’s record high, of $3.84, reached just a few weeks ago.