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Top Gainers: XRP leads market rally as Ethereum [ETH], TRON [TRX], Cardano [ADA] follow suit

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Top Gainers: XRP leads market rally as Ethereum [ETH], TRON [TRX], Cardano [ADA] not far behind
Source: Pixabay

With Blockchain week in full swing and several announcements buoying the market, the overall capitalization surged over $245 billion for the first time in months. At the head of this rally is XRP, which is making immense gains after trailing competing coins for most of 2019.

Not far behind the second largest altcoin in the market are Ethereum [ETH], TRON [TRX], Cardano [ADA] and Stellar Lumens [XLM]. The Consensus bulls, as it did over previous years, have pushed the market up while announcements from Bakkt and Coinbase have also spurred growth.

Source: Trading View

XRP, on the back of Coinbase approving the cryptocurrency for New York trading, surged by over 5 percent in an hour, earlier today. At press time, it still led the market with a 12.08 percent gain over a 24-hour period. Beginning to rise at 0030 UTC on 14 May, the coin was priced at $0.323 and pumped by 20.69 percent to reach $0.414, before falling back to $0.384.

The next surge began at 2100 on the same day, with the coin pushing up from $0.384 to $0.438. The market cap of the cryptocurrency rose by $4.5 billion and at press time, stood at $18.22 billion. BW.com took the top spot for XRP volume by holding 11.22 percent, while Binance, the only exchange in the top 10 with “real volume,” took the ninth spot with only 2.05 percent XRP trade volume.

Source: Trading View

Ethereum, following last week’s massive pump over a rumored CFTC blessing regarding the ETF, began this week with an 8.94 percent pump against the US Dollar. Over the next two days, Ether breached $200 on the back of a 34.73 percent rise and was priced at $225.30, with a market cap of $24.17 billion. ZBG took the top spot in ETH volume, accounting for 4.27 percent of total volume, while Binance held the highest “real volume,” at the 27th spot with 1.28 percent ETH trade.

Source: Trading View

Following Justin Sun’s Tesla promise ‘fulfilment,’ Tron joined the market pump and rose by 9.64 percent. After dropping to $0.022 on May 10, TRX surged by 27.2 percent and was trading at $0.0288. The market cap of the coin stood at $1.92 billion. CoinTiger was the top exchange in terms of TRX volume, with the pair ETH/TRX accounting for 8.43 percent of the global volume. Binance, once again, is the highest ranking “real” exchange, on the 12th spot and holding 2.75 percent of volume in the USDT pair.



Cardano and Stellar Lumens were other top gainers in the market, recording 8.45 percent and 8.96 percent gains over a 24-hour period. Ranked 9th and 10th respectively, the two coins were separated by only $70 million market cap. Stellar was trading at $0.121, while ADA’s press time price was $0.086.

It should be noted that the only non-stablecoin that is trading in the red in the top-10 is Bitcoin Cash, which is likely down to correction since the cryptocurrency saw a massive rise over the past 48 hours.





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JP Morgan: Big banks stand corrected as Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise

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JP Morgan: Big bank stands corrected at Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise
Source: Pixabay

Big banks are riding a FOMO wave as the Bitcoin bull-run is just beginning. Spearheaded by the changing colors of JP Morgan, which recently forayed into the digital assets world, the banking elite is now suggesting that their initial stance on Bitcoin and the larger cryptocurrency world might have been off.

A recent chart by JP Morgan shows the current BTC price veer upwards chiding the “intrinsic value” the big bank placed on the virtual currency.

Based on the article by Bloomberg, the price of the coin would reverse towards the end of December 2018 and then make marginal gains until May 2019, all under the $5,000 mark. In reality, the BTC price, after dropping to “rock bottom” at just above $3,100 in early December 2018, edged upwards.

Several spurts of growth were seen in early January and February, prior to a massive April ascendance. On April 2, Bitcoin did away with the bank’s value mode and amassed a daily gain of over 15 percent, fuelling its current rise. Breaking the $5,000 ceiling in the process, which was pegged to remain intact well into May 2019, the king coin is now almost $3,000 ahead of the mark and is not looking to stop.

Source: Bloomberg

It should be noted that JP Morgan’s “intrinsic value” is calculated on the basis of the marginal cost of production, electricity prices, and hash rates. This model does not take into account, at least on absolute terms, the anticipatory effect of the 2020 halving, which, according to a slew of analysts is the behind the price rise.

Nikolaos Panigirtzoglou, the MD in the Global Market Strategy team at JP Morgan stated that Bitcoin breaking through its “intrinsic value” showed signs of mirroring its 2017 bull run. He evidenced this move by comparing the pre-December 2017 slump to the one seen prior to the current bullish swing.

The analyst added:

“Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.”

With the analyst admitting that the imparting of an “intrinsic or fair value” to a cryptocurrency, much less a volatile one like Bitcoin, is a “challenging” ordeal, a mere JP Morgan acknowledgement of a Bitcoin bull-run is a remarkable sign for the digital assets industry, especially given the bank’s and its CEO Jamie Dimon’s Bitcoin-bashing in the past.

Mati Greenspan, senior market analyst at eToro attested to the same, adding a key point that JP Morgan failed to take into account in their calculation. He stated:



“Great to see JPM finally admitting that Bitcoin has intrinsic value.
Now wait till they understand that miners who run a surplus tend to begin hording.”

Despite Bitcoin slumping at press time, recording a 1.23 percent decline against the dollar, the prospects look positive. After recording a massive gain on 19 May, briefly surging past $8,000 for the second time in a week, Bitcoin created a High-Low [HL] at $7,100, which many analysts look at with glee.

This HL immediately following last week’s pull-back caused due to post-Consensus bears, a Bitstamp sell-order and market correction showed the king coin’s bullish persistence and can even be a foundation for a $9,000 ascendance, defying any “intrinsic value” expectations.





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