The Week in Review: How Bitcoin, Ethereum and Ripple Faired in the Market

how bitcoin ethereum ripple made gains this week

Despite uncertainties hovering in the crypto market, Bitcoin, Ethereum, and Ripple did provide relatively high returns. Bitcoin provided a weekly return of almost 6%. These cryptocurrencies enjoyed eventful price actions in the market and made decent profits for investors.

This report states that Bitcoin could possibly soar to the $100,000 mark by the end of next year as its demand is rapidly exceeding supply. Let's take a look at the top cryptocurrency markets over the past week and their projected movement for the next week.

Bitcoin

Bitcoin or BTC is a flagship currency that took a liquidity crash this week, but now the currency has recovered and will be around $7,000. However, the price looks to increase over the next week since the March 12, 2020 liquidity scenario.

A few are predicting that Bitcoin will be a step towards digital Gold. It may play the role of international currency, as stated by some BTC experts. Bitcoin has also affected the market drastically, so let’s check that below:

  • Bitcoin will maintain the resistance by moving above the ‘50-day moving average’ by flipping the resistance. It may flip between $7,200 to $7,250.
  • Not only the stocks of famous brands like Facebook, Netflix, Apple, Microsoft, etc., traded 7% below of all the times, but Bitcoin also witnessed huge liquidity in the month of March. The rise in Bitcoin’s value this week and in the upcoming week is seen as a significant upheaval in the stock market.
  • Investors may find it 8.5% more difficult to find the crypto blocks. This difficulty is stated to be a ‘bullish sign’ by the experts.
  • Investments in Bitcoin are surging high, as BTC is attracting investments from institutional investors, payment companies, and investment banks because of the cryptocurrency’s strong fundamentals.

Ethereum

The month of September saw a drastic decrease in the price of Ethereum. The ETH fell to a low of 3% at this point. A few analysts are watching the ‘bear flag pattern’ on Ethereum. Although, before the breakout, the resistance level of Ethereum could be $610 and second level could be $628.

However, ETH’s predicted prices would depend on the DeFi exchange and Ethereum 2.0 launch this year. The impact of Ethereum seen this week is to be bearish on the financial exchanges, and ETH closed on November 26 at a value of $518.80.

The analysts see Ethereum as one of the best investment platforms and predict to see the ‘bullish’ trend from next year.

Ripple

Until October, Ripple was not performing well on the crypto exchange, but the onset of November months drastically improved this Altcoin scenario. It hit almost a high of $0.76. Ripple (XRP) shot to new highs with a 230% increase in just one week in November.

Ripple is predicted to pass the stubborn levels of market resistance, and market analysts are stating it to be a healthy Altcoin choice for investors.

The most significant impact of Ripple noticed this week and is going to continue for next week is that it has almost surged to the level of BTC and ETH.  XRP almost rose to 27% in one day on November 22, 2020. Even its buyback is also driving the prices higher.

The market performance of the top-notch cryptocurrencies this week will help the investors decide about their choice of investments.

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ALT 5 Sigma covers fintech, blockchain, Bitcoin and cryptocurrencies bringing you the latest news and analysis on the future of money.