Digital Currency Market Is Relatively Quiet As Bitcoin (BTC) and Other Top Coins Amass Very Little Gains

On the 1st of February, the digital currency market was relatively quiet as top digital currencies in the market were trading sideways. Most of the digital currencies in the market including Bitcoin (BTC) only recorded very little gains over the past twenty-four hours.

Bitcoin (BTC) – the world’s largest digital currency by market cap – has been hovering around the $3,500 level for some weeks now. According to the weekly chart of the digital currency, its value is still down by 2.85% over the past seven days.

CBOE Re-Submits Its Application for a Bitcoin (BTC) Exchange-traded Fund

On the 31st of January, the CBOE (Chicago Board Options Exchange) re-submitted its proposal to list an exchange-traded fund for Bitcoin (BTC) to the United States Securities and Exchange Commission. CBOE recent announced the withdrawal of its application, but they said the withdrawal was temporary.

The firm temporary withdrew its application because the United States Government shut down reduced the chances that the SEC would be able to review the application by the forthcoming deadline which is on the 27th of February. This announcement had a slight effect on the value of Bitcoin (BTC) last month. Bitcoin (BTC) also tested a new monthly low in that same period. Nevertheless, the digital currency has now recovered over that level.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
4
ripple
XRP(XRP)
$0.187
4.58%

XRP (XRP) recently saw huge gains on the 30th of January. However, the digital currency plunged by more than seven percent the following day. The value of XRP surged higher on that day due to the bullish announcement made by Ripple Inc. – the parent firm of XRP.

The CEO of Ripple – Brad Garlinghouse – recently announced a possible partnership with its rival in the cross-border payment space – SWIFT. This announced skyrocketed the value of the coin, but the gains didn’t last for long. However, the digital currency is gradually recovering again, with gains of more than 3 percent over the past day. XRP (XRP) is currently trading at $0,312 at the time of writing. But the digital currency is down by about 1 percent from its weekly chart, as it was trading at $0.314 on the 25th of January.

Ethereum (ETH) Price Today – ETH / USD

#NamePrice24H %
2
ethereum
Ethereum(ETH)
$238.51
4.41%

The gain amassed by Ethereum (ETH) over the past twenty-four hours is very little. At the time of writing, Ethereum (ETH) has recorded gains of just 1.5 percent over the past twenty-four hours, this leaves the digital currency to trade at $109. The market cap of Ethereum is now $11.15 billion, which is over a billion dollar lesser than that of XRP (XRP).

Over the past week, the value of the digital currency has declined by 7.5 percent, as it was trading at $116 on the 27th of January. On the 31st of January, Ethereum launched its first pre-release for phase zero of the evolving transition to Ethereum 2.0 of the network.

According to the Dev team, this is supposed to be the last upgrade for the system. This is because the entire will be transitioning to a Proof of Stake consensus algorithm from Proof of Work. It also purportedly solves the issues of economic finality, scalability, and security.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$9,279.04
1.93%

The entire market cap of the digital currency market is down by 11% over the past month. The market cap was greatly affected by the sharp decline in the value of digital currencies on the 10th of last month. At the time of writing, the total market cap of the crypto market is $114.6 billion.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.