Cryptocurrencies appear to be on the rise once again, helping to quell investor anxiety after several weeks of disappointment. Cryptocurrencies as a group climbed throughout the past week, following two losing days early on. Bitcoin (BTC), the largest digital currency by market cap, is at its highest level since late March. As of this writing, BTC is trading above $8,800, constituting the highest that the digital currency has seen its value climb in several weeks. With the prices of many other cryptocurrencies following the lead of this major player, it’s perhaps unsurprising that the entire space has seen gains in the last few days. What is somewhat unusual about this week, however, is that other digital currencies have been outpacing BTC, posting larger increases over the course of the week.
Other Cryptocurrencies Pave the Way For Gains
Ripple has climbed more than 11%, with a price currently above $0.92 per XRP. This trend may be likely to continue as the cryptocurrency space more broadly sees gains. According to Market Watch, Think Markets U.K. chief market analyst Naeem Aslam suggested that “as the larger crypto-market gains more confidence and positivity, Ripple’s valuation should grow in tandem with the overall value of the cryptocurrency market.” He continued by suggesting that ripple has a “potential 5.44x growth” as compared with 1x-1.5x for bitcoin as compared with previous all-time highs.
Perhaps most exciting in terms of value shifts over the week was the altcoin space. Bitcoin cash dominated in this arena, climbing back up above $1000 for a week-long gain of more than 40%. Ether, litecoin, and other altcoins also climbed by susbtantial margins in recent days.
Venture Capitalists and the SEC Meet
Venture capital firm Andreessen Horowitz led a group of investors in meetings with the U.S. Securities and Exchange Commission throughout the week in an effort to lobby against digital currencies like ether being categorized as securities. If this happens, it’s likely that these cryptocurrencies would come under heightened regulatory scrutiny. The meetings this week followed up on previous discussions last month, in which the group of investors and venture capitalists presented a case for safe harbor, the terms of which would allow for certain tokens to be categorized as “utility tokens” rather than as securities.
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