AUS
NZ
UK
CA
USA
IND
Highlights
- Crypto prices have witnessed a climb over the past week, with prices of major cryptocurrencies, including Bitcoin and Ethereum, experiencing upwards price trends.
- Other famous cryptos like Ripple and Polkadot too have witnessed a sharp price rise amounting to nearly 11% during the weekend.
- Analysts attribute Ripple’s recent price surge to its new partnership with Qatar National Bank.
The weekend that just went by has been relatively calmer for the cryptocurrency market, as prices of major cryptos continue to trade in green.
On 10 October, the global crypto market stood at US$2.29 trillion, with a rise of 0.69% in the previous day.
Source: Copyright © 2021 Kalkine Media
Major cryptos surge over the weekend
For the first time, Bitcoin has surpassed the US$50,000-mark and is currently valued at US$55,960.72, gaining a 17.62% in the last seven days, while the second most popular digital currency, Ethereum, climbed 3.85% and stands at US$3,4678.06, as on 11 October.
Related Read: What caused Bitcoin’s price rise in last one week?
Meanwhile, other cryptocurrencies are not far behind. Cryptos like Ripple and Polkadot have experienced a surge of nearly 11% in the past week.
At the time of writing, Ripple was trading at US$1.15 and Polkadot stood at US$35.02, climbing by 11.71% and 13.44%, respectively, in the past seven days.
Other digital currencies like Tether, USD Coin, Dogecoin, Litecoin, Shiba Inu, etc., too, were trading in green in the past week.
Do Read: Why Musk’s tweet about his dog did wonders for Shiba Inu
Why is Ripple soaring these days?
One possible reason for strong upwards price momentum of Ripple can be attributed to its recent partnership with Qatar National Bank, for enhancing the latter’s cross-border payments strategy.
It must be noted that Ripple is very popular among large financial institutions because of its faster speed and less transactional costs for payment settlement. Its network, RippleNet, offers numerous programmes like xCurrent, xVia, etc., which help settle global payments.
Related Read: How does Ripple payment work?
This new association has been hugely applauded by its users and would play a key role in further strengthening Ripple's position.
Know why Polkadot is surging
Polkadot, the eighth largest cryptocurrency across the globe, is currently riding high. Analysts opine that one of the reasons for Polkadot's popularity is its ability to enable relatively smaller cryptos, as its unique blockchain protocol brings together other blockchains to a unified network, thereby ensuring security of the entire network.
Interesting Read: Polkadot - The Crypto with an All-Star Development Team
Bottom Line
The current price momentum among almost all major cryptocurrencies is a huge boost for tech-savvy investors.
