Bitcoin Halving Impact Fades as Demand Takes Center Stage
According to reports, the Open Interest in Bitcoin is now 30 times higher than it was 11 days before the 2020 Bitcoin halving.
While Bitcoin continues to enjoy a new 2020 record high, and Ethereum gaining value, Ripple XRP joins the ranks of rapidly increasing cryptocurrencies Over the past two weeks, XRP saw a shift from a $0.19 USD to hit $0.25 USD per token. This represents a monumental 30% increase in price and it looks like the rise is coming from massive investors.
According to Santiment’s holder distribution chart, the number of accounts holding more than one million XRP has risen as 30 new whales seem to have entered the scene. The whale investors are holding up to $2.4 million USD in XRP each; causing the altcoin to see an upward tick in price. As a result of this, Ripple’s XRP has bagged the number three spot back from Tether to become the second leading altcoin in the market at present.
There doesn’t appear to be a reason why whales are sinking their funds into Ripple XRP, other than sentiment and possibly speculation. This also comes at a contentious time for the cryptocurrency founders as the company is facing a class-action lawsuit from investors. While Ripple’s Director of Product Craig DeWitt tweeted about a new peer-to-peer payments platform built on XRP earlier this week, it doesn’t necessarily rationalise whales going deep into investing in the token.
Introducing the beta for a new P2P Payments Platform on #xrp! https://t.co/SdLqbac6ue is now live.
Check out the new browser extension! https://t.co/fcxgEppF1j
— Craig DeWitt (@CryptoCwby) July 25, 2020
Bitcoin Price Still Hangs Strong
While XRP sees movements upwards, Bitcoin price continues to hold green after a recent upswing in its value. During the week, Bitcoin gained over 13% in value to see a record high for this year. The cryptocurrency saw a minor pullback in price to sit just above $10,950 USD and then steadily rose again to its new $11,000 USD price tag and seems to be stable with a possible new support barrier.
Looking at charts from Coin360, Despite the minor correction in daily trading volume from Ripple (which is unsurprising after its major move upwards), Tether, and other smaller altcoins, the cryptocurrency market as a whole is showing bullish signs before heading into the weekend.
Ethereum Goes From Strength To Strength
Looking at the leading altcoin, it seems as though Ethereum can’t stop rising. Earlier this week, Ethereum saw staggering growth to break its record high for 2020. Like Bitcoin, this came after several months of non-volatile prices and could represent the beginning of mass adoption for the token. While sentiment plays a major role in investment and cryptocurrency trading and it’s possible that it will face a sore correction if traders sell, the positive increase in the token seems to be having a bullish impact on the market.