Let’s take a look at some of the reasons why cryptocurrency prices are on the rise today.
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Introduction
When it comes to crypto, there are a lot of things that can affect the price. Some of these things are in our control, like buying and selling, while others are out of our control, like regulation or news. But one question that always seems to be on everyone’s mind is “why is crypto going up today?”
There are a lot of different factors that can affect the price of cryptocurrency, and it’s not always easy to determine which ones are causing the price to rise or fall. However, there are some theories as to why crypto might be going up today.
Some believe that the market is just correcting after a bit of a dip, while others believe that institutional investors are starting to enter the market and push prices up. Whatever the reason, it’s always good to stay up-to-date on what’s going on in the world of crypto so you can make informed decisions about buying and selling.
Bitcoin
Bitcoin is up today because more and more people are buying it. The price of Bitcoin goes up when more people want to buy it than sell it. That’s why the price of Bitcoin has gone up so much in the past year.
Ethereum
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or counterparty risk.
The project was bootstrapped via an ether pre-sale during August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss non-profit, with contributions from great minds across the globe.
Litecoin
Litecoin is currently up 5.91% to $60.70 on cryptocurrency exchange Binance. The popular digital currency is now trading at its highest level in over three years.
The rally in Litecoin comes as investors continue to rotate into cryptocurrencies that have rallied less than Bitcoin this year. So far in 2020, Litecoin is up nearly 200%, while Bitcoin is up over 70%.
The move higher in Litecoin also comes as the overall cryptocurrency market continues to pushed higher amid increasing institutional interest. Earlier this week, investment firm Grayscale added 42,000 Litecoins to its flagship product, the Digital Large Cap Fund.
Bitcoin Cash
Bitcoin Cash is a fork of Bitcoin that was created in August 2017. Since then, it has become one of the most popular cryptocurrencies in the world. Today, it is the third-largest cryptocurrency by market cap, after Bitcoin and Ethereum.
There are two main reasons why Bitcoin Cash is going up today. First, there is increased demand from institutional investors. Second, the halving event is coming up soon, which will reduce the supply of Bitcoin Cash and could lead to higher prices.
Ripple
Ripple is up 8.31% at $0.5519 per coin after Ripple CEO Brad Garlinghouse said that he expects more banks to use the company’s cryptocurrency this year.
“I’m optimistic that many will,” Garlinghouse said in an interview with Bloomberg TV when asked if he thought more banks would use Ripple’s cryptocurrency, XRP, in 2020.
“I think it’s just a matter of time before people realize that it’s just a smarter way to move money,” Garlinghouse said. “If you compare XRP to other digital assets out there, it really is the best digital asset for settlement.”
Ripple has been working with banks and financial institutions to use its blockchain technology to settlement payments faster and more cheaply. So far, around two dozen banks have signed up to use Ripple’s technology.
Conclusion
In conclusion, the cryptocurrency market is volatile, and prices can go up or down quickly. Today, prices are going up because there is more demand for crypto than there is supply. When more people want to buy crypto than sell it, prices go up. We don’t know what will happen in the future, but today, crypto is going up.
