Cryptocurrency Prices Hike, Analysts Hopeful For Its Future
According to data provided by Coin360 on Wednesday, June 12 top cryptocurrencies such as bitcoin (BTC), ethereum (ETH), and ripple (XRP) were all in the green. Cryptocurrencies, on the whole, were trending up on June 12. In May 2019, BTC that had peaked around $9000 crashed down to under $8000, however, it seems to be recovering slowly. It traded around $8000 on June 12 and is now trading at $8210.02.
Overall, the top Cryptocurrency is up by approximately 2.72% over the past 24 hours. Top altcoin and number two cryptocurrency ethereum is trending up by over 6% and has recovered to trade at $260. Ethereum, the market capitalization of which is currently $27.7 billion, dipped to $229.32 earlier this week.
The third token by market cap, XRP, has also seen a moderate gain on the day, trading at $.401 and trending up by approximately 1.90%. Overall, XRP has seen much less substantial gains than bitcoin and ethereum on the day. The total market cap of the top 100 cryptocurrencies is currently $250.6 billion.
The CEO of blockchain venture capital firm Digital Currency Group (DCG), Barry Silbert, says that crypto price trends indicate that the crypto bear market may be finished for now. Bitcoin price analyst Oliver Isaacs has remained bullish on BTC despite its recent decline, predicting that it will rally up to $25,000 by late 2019 or early 2020.
Silbert and Isaacs separately commented on widespread adoption of cryptocurrency in the institutional domain as a reason to remain optimistic about crypto’s near future. Silbert commented on insurance giant Fidelity’s recent BTC custody option, while Isaacs pointed to corporate giants such as Microsoft, Amazon, Starbucks and Whole Foods who now have cryptocurrency payments options available to the public.