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The cryptocurrency market continues to grow, and today the main crypto assets have approached their historic highs. The total market capitalization increased by 2.5% and stopped half a step from the value of $2 trillion. Despite the rise in major cryptocurrencies, the news about the ongoing conflict between the SEC and Ripple deteriorated the market sentiment.
The SEC claims that Ripple is hiding important information from investors. The head of the company says in response that the regulator attacks not only Ripple but the entire crypto market. This indirectly confirms the fact that recently the SEC requested documents associated with BTC and ETH. Despite some negativity around cryptocurrencies, the announcement by Morgan Stanley has created a boost for crypto assets.
Representatives of the investment bank said that from now on some of the institutional funds will start working with Bitcoin. This suggests that customers will be able to buy BTC/USD futures and get settlement in fiat money. Also, people will be able to invest in a special investment instrument (Bitcoin Trust Grayscale) which allows them to invest in Bitcoin without actually buying it. This is an incredibly important event for the crypto market and for Bitcoin in particular. In the long term, thanks to this this feature, BTC will be able to attract a huge number of institutional investors who will be protected from the risks of volatility and will be able to get profit in more conventional assets.
The news from Morgan Stanley allowed the BTC/USD pair to break above the psychological mark of $60,000. Within the day, the first crypto asset grew by 1.2% and the trading volume amounted to $52.7 billion in 24 hours. As of 15:00, Bitcoin dipped again to $59,000. However, Bitcoin has every chance of resuming growth and reaching a new all-time high this week.
The ETH/USD pair also continues to develop its rally. The price increased by 4% within a day. Ethereum has again exceeded the level of $2,000. The trading volume increased significantly in 24 hours to $33.5 billion. This suggests that the main altcoin may approach a new record high this week.
The XRP/USD pair has been showing steady growth for the third day in a row even despite the litigation between Ripple and the SEC. The regulator constantly puts pressure on potential investors and forces them to be more careful with the coin. Over the past day, the asset has risen by 4.2%, and by 15.5% in 7 days. As of April 2, the XRP is trading at $0.580-0.590, and daily trading volumes do not indicate growing demand for the asset.
The ADA/USD and DOT/USD pairs did not follow the major trend and their quotes remained almost unchanged. Cardano was up by only 1.2% which is a weak performance, given the current positive sentiment in the market. The trading volumes which amounted to $3 billion confirm this fact as well. The coin is trading at $1.21, and the current dynamic does not promise any significant rise for the asset. The situation is the same for DOT/USD which gained just 0.1% in the course of the day, and the current dynamic remains rather negative. The asset is trading at $38.1 but may soon decline.
Meanwhile, Litecoin is trading in the opposite trend. Its price has increased by 4.5%. The asset managed to overcome the key mark of $200 and consolidated at $205. The current trading volume and positive dynamic predicts the asset's rapid growth to $215.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
