This week, the dominating cryptocurrencies are in a consolidation phase as we are nearing the end of the year. However, Ripple seems to be on a long-overdue rally.
We will cover the week’s price movement summary and some of the notable events that led to the price fluctuation of some promising crypto coins.
Bitcoin: BTC is currently trading at $48,802. Bitcoin’s price increased 0.17% in the last seven days. Furthermore, it is up by 0.20% during the previous 24 hours.
A Bloomberg Intelligence Senior Commodity Strategist, Mike McGlone, has a positive outlook on the crypto market. According to McGlone, while oil is declining, Bitcoin’s in an ‘enduring bullish market,’ increasing by over 64% this year. Furthermore, McGlone predicts that Bitcoin will reach $100,000 in 2022.
Ethereum: Ether was trading at $3,964, declining since reaching its all-time high of $4,671 in November. The price this week declined by 1.17% and is down by 0.16% in the last 24 hours.
According to Tim Beiko, a core developer of the blockchain, the Ethereum blockchain launched the Kintsugi public testnet on 20 December. It is the first PoS public testnet launched on the Ethereum network. This is a crucial transitioning step from the proof-of-work to a proof-of-stake mechanism that the ETH blockchain is deploying.
Ripple: XRP is currently trading at $0.9798; the price increased by 18.3% in the last seven days, and it gained 5.34% during the previous 24 hours.
XRP is on a rally; after consolidating for most of the month, the coin gained over 23% in December. With the coin rallying, many investors started showing interest, and within three days, the active investors’ numbers increased by 38.3%.
Litecoin: The current value of LTC is $156.27, and it’s up by 1.68% in the last seven days and up by 1.50 % over the past 24 hours.
LTC has been on a roller coaster ride for the last three months. The coin lost about 51% from its high of $296 and is currently trading just above the support zone of $141. A bullish RSI divergence could mean that the coin can break out upwards. With the 200-EMA acting as support, the coin could maintain its bullish trend.
