Weekly Wrap Up: Bitcoin and Ether Rising 

Cryptocurrencies have seen a topsy turvy week with major players like Bitcoin and Ether seeing some gains while fresh controversies have arisen over some known altcoins. Among the two major events that took place are the Solana outage and the crypto touting incident with the altcoin Ethereum Max. 

Lets begin with Solana, the blockchain known as the ‘Ethereum Killer’ has experienced the fourth major outage since January. The blockchain’s native token SOL has suffered a brief dip as well, after the outage on the 1st of October, which made it drop from $35.07 to $32.07 levels. 

Another news to be amazed by is the one of the most significant critics of Bitcoin, author Robert Kiyosaki, who wrote Rich Dad, Poor Dad, has recently come in support of buying more of the Bitcoin (BTC). Commenting on the rising US Dollar and Federal Reserve’s monetary policy, he tweeted that people who buy Bitcoin will ‘smile’ when the rates pivot. This is a major hint in favour of Bitcoin and provides some reassurance to confused investors. 

The past week, the market has recovered. At the time of writing, according to the data shown from over the last 7 days, Bitcoin has grown 3.8%. It reached the key $20,000 mark twice over the week. On 30th September, Bitcoin saw a peak at $20,109 and then quickly returned to the $19,600 levels. On the morning of 4th of October as well, the coin saw an upward rally again, to $20,066. (Source: coinmarketcap.com) 

source: coinmarketcap.com, at 12:10 PM

Ether has also risen above the $1,300 levels over the week. While the values did drop to a steep low at $1,265 but soon rose above $1,300 again. The price at the time of writing has seen another rise of 4.36% over the last 24 hours to reach $1,349.74. 

source: coinmarketcap.com, at 12:04 PM

Among others, Polygon’s MATIC has increased by almost 9%. For last week, XRP price moved upward with a significant gain of 0.62%. Binance’s exchange coin BNB climbed up by 5.65% while Solana’s native coin SOL has seen a short decline. The good news though, is that BTC and ETH have responded positively to last week’s ups and downs. Let us hope that the momentum continues this week. 

source: coin360.com


Please note that this is not trading advice. We recommend you to carry out your own research before making any trading decisions. This article is for informational purposes only.

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