Bitcoin & Ripple Trends For 2019
2019 has been an interesting one for cryptocurrency trading, with crypto prices stabilising and growing after the volatility of 2018. As we enter the second half of the year of 2019, it’s useful to analyse which trends are influencing the cryptocurrency market. Doing this can help anticipate which developments are likely to affect crypto prices and transactions.
After the volatility of last year when crypto prices fluctuated, this year has shown a return to form. This month in June in time of writing Bitcoin even surpassed $12,000, its highest value since January 2018. This was due partly to a big announcement made by Facebook this month. So it’s handy to know what is happening event wise in the market to understand which cryptocurrencies are worth watching or investing in.
In this article we have analysed Bitcoin and Ripple as they remain the leading cryptocurrencies on the market right now. Let’s see what trends and events are influencing them this year:
Bitcoin remains the most valuable and the most popular cryptocurrency worldwide. It is also the one everyone has heard of, whether they are involved in the crypto market or not. As mentioned briefly in the intro, the Bitcoin value has rapidly increased this month to reach beyond $12,000. This has been a huge price jump, especially as the Bitcoin growth has been fairly steady since the price drop in 2018.
Although it is hard to analyse the exact catalyst of the Bitcoin jump, the main reason is likely due to the recent statement made by Facebook. On the 18th of June, they announced that they will launch their own cryptocurrency called Libra. This Libra coin has been created for use in global money transfers and as a form of payment.
However, the fact that such a powerful company like Facebook has launched it has boosted the market. Market analysts and investors are hopeful that the Libra coin will gain mainstream recognition and will encourage further cryptocurrency use.
The Libra announcement likely caused the Bitcoin price surge as it made financial services and major companies take note the importance of cryptocurrency. It is likely that cryptocurrency is coming for use by the masses. What does this trend mean for Bitcoin though? It’s also likely that the value will continue to grow for 2019 if it continues to follow the trend for continuing investment and adoption of its blockchain technology.
This Libra coin news combined with the interest shown by retailers like Walmart and Amazon in Bitcoin’s payment systems is pointing to a positive outlook for Bitcoin. Although it is hard to predict what the Bitcoin price will be at the end of the 2019, it can keep growing. This year is proving to be a good one for Bitcoin.
Ripple with their XRP coin have become one of the leading cryptocurrencies in the market. In terms of market volume they are the 3rd most traded cryptocurrency worldwide. So far 2019 has also seen the XRP price grow and Ripple’s global influence as a crypto and blockchain company increase further.
Even if the XRP coin may not be as valuable as Bitcoin, the main bonus to Ripple is their blockchain technology products such as RippleNet and xCurrent. For instance xCurrent is a blockchain based banking platform that is used to make payments and move funds. It has been tested in Brazil already and now further banks in Chile and Panama have signed up to test the platform. If it goes well Ripple could have the chance to expand further into Latin America and countries like Spain and Portugal.
Another Ripple product worth mentioning is RippleNet which is a direct payment service made between banks. It offers the chance for international payments to be made instantly for very low–priced fees. RippleNet is being used in over 40 countries currently.
What does this mean though for Ripple’s cryptocurrency price this year though? Well the adoption of the Ripple blockchain products by banks shows that Ripple is one of the leading crypto companies to receive investment from important financial firms. In turn, it’s likely that these invested funds will push up the value of the XRP coin. Of course no one can say when, but company growth is always a good reason for traders to maintain an optimistic outlook.
Lastly the fact that the XRP coin has a fairly low purchase price is good news if you are looking to invest in cryptocurrency but cannot afford Bitcoin. Ripple’s low price point could be a good cryptocurrency to invest in as it has the potential to offer a reasonable good investment return.
With the influence of Ripple growing, it is likely that 2019 will see continued growth in the XRP price.
There are more interesting cryptocurrencies in the market, such as Ethereum, Litecoin or Cardano. If you want to learn more about Cardano, for instance read this interesting article: https://tradingonlineguide.com/what-is-cardano/
Take note: Do not make an investment decision on a Bitcoin or any other cryptocurrency, or other investment based on the information on this website.