Major cryptocurrencies like Ethereum, Ripple and Monero prices spiked, inlcuding Bitcoin which jumped to $8,100 in just 24 hours after earlier it dropping to $7,850. But the star of the day was Verge cryptocurrency.That demonstrated the biggest rise of the week as its prices spiked by more than 40% in just 12 hours. The recent surge in cryptocurrency prices has given a major shake-off of negative vibes that were going around previous days.
Apart from Bitcoin and Verge, other major currencies like Monero and Ox made a major recovery enabling the cryptomarket to reach $334 billion and now the target of $350 billion seems easily achievable. The strength of a cryptocurrency can be determined by its Relative Strength Index (RSI). For Bitcoin currently, RSI is less than 55 which indicates that the currency is neither overbought nor oversold by the traders.
Bitcoin Is Leading The Bandwagon
Bitcoin prices have surged by 2.05% in the last 24 hours and by 17.53% in the last week. Ethereum is up by 1.95% whereas Monero and Ripple managed to rise even more. In the past few weeks, the negative news was continuously spreading in the cryptomarket. From the regulators shutting down the cryptocurrency exchanges to a major sell-off of Bitcoin assets, everything seemed to be going in a negative direction.
But the latest surge has proved all the negative predictions wrong and trade analysts are looking up positively at Bitcoin and other cryptocurrencies. According to the CEO and President of Rewardstoken.io, Todd Rowan, Bitcoin is the engine pulling the cryptocurrency train, and after the post-tax season selloffs, it has found the right momentum that is postitive for all the other currencies. He said that other currencies like Ripple and Ethereum are receiving good support and the next week will definitely tell whether it is finally time for the cryptocurrency train to leave the station or not.
Rowan also hinted that we can expect another bull run for the cryptomarket. Rowan’s opinion was seconded by the CEO of Digits.io, Ben Way, who said that for entrepreneurs in this field, the train has already left the station and in the coming days the ICO’s offering real value and technology, as well as concepts, will continue to be in good shape.
Partnership Announcement Stimulates Rise In Verge Prices
The amazing 40% spike in the prices of cryptocurrency Verge was mostly attributed to a major partnership. Recently, Verge announced that it is partnering with Pornhub, the world’s largest pornography distributor. According to the arrangement between the two companies, users will be able to use cryptocurrency for purchasing pornography.