30.03.202115:15 Forex Analysis & Reviews: Major cryptocurrencies nearing all-time highs: reasons and predictions

The cryptocurrency market is gaining ground after the bitcoin options expiry. The first crypto asset became a real driver for the growth in major altcoins. As a result, the total market value of all cryptocurrencies reached $1.8 trillion, while last week it was only $1.3 trillion.

The rally of digital assets was triggered by strong statements made by payment giants. For example, PayPal announced that it had started allowing US consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally. The payment giant will charge no transaction fee and only one type of coin can be used for each purchase, the company said. At the same time, the best way to use the crypto asset as a means of payment at this stage is to convert it, PayPal noted.

This move could significantly boost the use of digital assets in everyday commerce in the United States. The increasing trading volume on cryptocurrency exchanges, strong demand for assets, as well as a positive news wave have contributed to higher quotes of major digital coins.

Thus, the BTC/USD pair has been holding above the psychological mark of $55,000 for more than three days. Over the past day, the asset has added as high as 3.5%, coming close to the absolute record high. If the cryptocurrency market continues to advance at the same pace, bitcoin will most likely hit a new all-time high this week.

The ETH/USD pair has managed to overcome the resistance level of $1,800 and is currently trading at $1,850. The main reason for surging optimism was a statement made by another payment giant - Visa. The company has launched a pilot that will allow the use of the cryptocurrency USD Coin to settle transactions on its payment network. This year, Visa is planning to significantly expand the list of its partners, which will definitely raise the interest in Ethereum among large investors. Thereafter, a growing number of companies will safely conduct transactions precisely through the platform of the main altcoin. In this case, the ETH/USD pair will be able to hit a new historical record with respect to its trading volume and market capitalization.

Against the backdrop of positive releases, the XRP token continues to rise in value. Over the past day, it has added 0.6%. Ripple has acquired a 40% stake in Asia-based cross-border payments specialist Tranglo for the purpose of expanding its RippleNet On-Demand Liquidity service which uses the digital asset XRP to source liquidity during cross-border transactions. So far, this news has not led to an increase in the token's daily trading volume, but the very fact of a higher customer flow will allow the coin to reach the $0.620 mark in the future.

The only altcoin that cannot boast of strong gains is Litecoin. The asset has advanced by only 2%. As of March 30, the coin has reached the challenging threshold of $200 but cannot yet break through it. The only factor that could drive the LTC/USD pair is positive dynamics of the entire cryptocurrency market. According to the trading charts, it can be seen that the asset has not enough strength to consolidate at important levels.