2020 started with a bang for the top cryptocurrencies in the market, Bitcoin, Ethereum, Ripple, Litecoin and Electroneum. Bitcoin trends especially are being watched with hawk-like intensity all over the world, due to the Bitcoin halving later this year in May. This year, and decade promises to be massive for the cryptocurrency exchange, with several new currencies entering the market every year. However, their value will still be measured against the top players in the market, especially Bitcoin and Ethereum. Their price trends and market capitalization decide the fate of newer currencies. Market capitalization is calculated by multiplying the number of coins in circulation with the price per coin. Today we’re looking at the price trends of BTC, ETH, XRP, LTC and ETN for the past week.
Bitcoin Price Analysis
Last week’s Bitcoin price did not see as much fluctuation as usual, a good sign as investors gear up to compile their portfolios for 2020. Bitcoin opened this week at a price of $7411 per coin, and closed at $7492 per coin. There was a low of $6915 on January 3rd, and a peak of $7539 today, after which the price lowered for the close. The market cap remains more or less steady at over $130 billion. Potential investors who may be thinking about investing in Bitcoin, would be wise to do so now, to reap handsome rewards around the Bitcoin halving in May 2020. This would also help them avoid the wild price fluctuations around that time.
Ethereum Price Analysis
Ethereum is officially ranked 2nd in terms of market capitalization, in the cryptocurrency market, second to only Bitcoin. A long time rival of Bitcoin, Ethereum is steadily gathering more pace and followers, and could very well outrank Bitcoin in the long run. Last week saw Ethereum opening at a price of $131 per coin, and closing at $136 per coin. There was a high of $136.82 today, and the lowest price was $126.60 on January 3rd.The past week was a little more volatile than usual with several ups and downs, but the market cap remains well at an average of $14.5 billion throughout the week. Ethereum, although more expensive than most other altcoins, is incredibly cheap compared to Bitcoin, and has more potential, which would make it a very lucrative investment at the moment, when the price is still within reach.
Litecoin Price Analysis
Litecoin is also quickly becoming one of the most popular currencies in the cryptocurrency exchange. It is gaining a reputation for being a cryptocurrency for low to medium volume investors, those who may have smaller budgets and portfolios, but are looking to expand. Last week saw Litecoin open with a price per coin of $43.42 and close at $44.69 per coin. The peak for the week was at $44.69 today, and the lowest price was $39.64 on January 3rd. Currently, Litecoin has a market cap of $2.8 billion, but has huge potential to expand rapidly due to its stable prices and low volatility. Despite Litecoin being approximately the sixth largest cryptocurrency in terms of market cap, its price per coin still remains very affordable at under $50.
Ripple Price Analysis
XRP, the native cryptocurrency for Ripple, is the third largest cryptocurrency in the market, in terms of market capitalization, even though its price per coin is extremely low, a fraction of Litecoin’s for example. However, Ripple has many more coins in circulation than other cryptocurrencies, apart from Bitcoin and Ethereum, which allows it to capture a much larger share of the market. Last week, XRP opened at a price of $0.196 per coin and closed at $0.197 per coin. There was a peak of $0.198 on the 30th December, and a low of $0.186 on January 3rd. With a market cap of $85 billion, XRP is one of the most profitable cryptocurrencies at the moment, in terms of ROI, and is growing exponentially.
Electroneum Price Analysis
Electroneum is the real find of the decade in the cryptocurrency exchange. It is one of the most dynamic and ambitious cryptocurrencies, already having penetrated several emerging African markets, and proving itself to be a real pioneer in development.
Last week saw Electroneum open at a price of $0.0036 per coin and close at $0.0035 per coin. There was a peak of $0.0036 per coin today, and the lowest price was $0.0034, on 3rd January. With a market cap of over $35 million, already for a new cryptocurrency, Electroneum is one of the best altcoins to invest in this year.