According to new age analysts and advocates of the crypto industry, they see cryptos as the new replacement for physical cash in the coming weeks. It is without a doubt that most top cryptos are already looking like they are going to replace cash. Considering the fact that most countries have made huge moves in their plans to debut a central bank-backed digital currency while others are rumored to be prepared to make it a realization. While some surges were determined on a daily basis, a few of them made a notable increase in price compared to this week.
Volatility rocks crypto market post Bitcoin halving
Volatility has been the main antagonist of the crypto industry as it has finally registered its presence over time. Major analysts of Bitcoin predicted a massive price surge up to $28,000 days after the halving event that took place last month. Digital assets analyst, PlanB has said that it might move to $100,000. "Somewhere between a year and a year-and-a-half after the [May 2020] halving, so say before Christmas 2021, bitcoin should be, or should have been above $100,000," PlanB said. They further noted that a surge in Bitcoin will bring about an increase in other digital assets in the market. Even though Bitcoin showed promise in the first few days after the mining that saw it make notable jumps to register over $10,000 in price, the crypto has failed to break past that figure after crashing down to presently trade at $9,400.
Top crypto assets register loss to cap off the week
Top digital assets have been making disappointing performances in the crypto market since the beginning of the week, which has alarmed investors and traders alike. Looking at the top digital assets present price, Bitcoin still leads the pack with $9,300 while Ethereum currently trades at $238. Litecoin, Bitcoin Cash, and XRP are currently trading at $43, $234, and $0.19 respectively. To end the market this week, Bitcoin made a loss of 0.43%, while Ethereum registered a loss of $1.15%. Litecoin, Bitcoin Cash, and XRP also suffered losses of 1.07%, 2.07%, and 0.94% respectively. With top cryptos suffering losses, only a few of the other altcoins registered price surges with the highest being HYN, which registered a rise of 14.09%.
In conclusion, top influencers and analysts are still backing Bitcoin to make the much-expected surge that was predicted after the halving that occurred. If a Bitcoin surge is witnessed, it will affect other cryptocurrencies in the market. Traders will be hoping for a massive turn around in crypto fortunes as they are hoping that crypto like Bitcoin should serve as a hedge especially during coronavirus pandemic