28.04.202118:24 Forex Analysis & Reviews: ETH hits all-time highs, LTC and XRP fluctuate, and DOGE goes up thanks to Musk: reasons and forecasts

The current week is becoming a turning point for the cryptocurrency market, whose positions sank significantly last week. However, due to the change in the bearish trend and the formation of a positive news background, the indicators of the main crypto assets went up. Over the past day, the digital coin market has again risen in price by 1%, and the total capitalization amounted to $2.150 trillion.

The main culprit for the change in the bearish trend was ether, which set a new maximum capitalization, reaching $2,700. The cryptocurrency continues to reap the benefits of the recent Berlin update, thanks to which commissions on the asset's network have decreased by 80%, which has become a determining factor for investors amid bitcoin's problems. Thus, over the past day, the ETH/USD pair has significantly increased in price by 5%. At the same time, the daily trading figures approached the very low figures of bitcoin and amounted to $41.5 billion. As of 13:00 UTC, the asset is quoted at $2,711, and judging by the current growth dynamics (+1%), the cryptocurrency may continue to grow.

The main reason for optimism and an active increase in ETH quotes was the news that the European Investment Bank sold bonds worth more than $100 million. Transactions were managed by the world's leading banks, including Goldman Sachs, Banco Santander, and others. All operations took place in the Ethereum blockchain, which was the result of a successful update of the Gas algorithms. This is the first precedent that will significantly increase the institutionalization of the cryptocurrency, given that as of April 28, ETH has no serious competitors in terms of speed and quality of transactions. Thanks to this, the ether can continue to grow to $2,750, but if the asset does not receive market support, it risks moving to a phase correction.

Other altcoins do not show such strong growth as ether. For example, XRP fell by 3% after yesterday's boom caused by Ripple's local victory over the SEC. The asset stopped near the difficult $1.40 mark, where the cryptocurrency had problems during the last growth cycle. Since the individual impulse for growth has exhausted itself, and the main attention has been drawn to the ether, the token indicators have taken a pause. A similar situation has developed for LTC, which is stuck at $255 and is barely approaching the psychological threshold of $260. It is worth noting that both XRP and litecoin show extremely low daily trading volumes, which indicates a lack of interest in the current prospects and positions of cryptocurrencies. The situation is slightly different for DOGE, which again broke the $0.300 mark after another tweet from Elon Musk. This asset shows enviable growth and cyclicality, which depends solely on the billionaire and the mood of his audience.

The indicators of the main cryptocurrencies indicate the end of local corrections and the beginning of an upward trend. This is evidenced by the stabilization of the bitcoin situation, the extensive institutionalization of the ether, and the normalized news background. For example, the other day, it became known that the Binance crypto exchange will create a platform for trading items tied to NFTs. Another important announcement that will have a significant impact on the growth of the cryptocurrency market in the future was the development of a blockchain platform for interbank payments. This was reported by representatives of JPMorgan, DBS, and Temasek, who are engaged in the development of the project. The creation of this platform can become a defining event in the development of blockchains in the framework of banking operations by citizens around the world. However, according to the results of April 28, we can say that cryptocurrencies will continue to remain within safe zones and will try to break through the psychological boundaries for the start of a new growth cycle. Ether may soon undergo a technical correction, and bitcoin, on the contrary, will complete it and begin the growth phase.