Ethereum and Ripple’s XRP are leading the field today while bitcoin, up a staggering 58% over the last 30 days, is cruising at a little more than $8,000 after adding over $2,000 per bitcoin since late last week.
XRP, the tradeable token developed by the company Ripple, has added almost 15% over the last 24 hour trading period, while ethereum is up by some 12%—both hitting year-to-date highs over the last few days.
The bitcoin price is meanwhile taking a break from its surge higher, trading sideways over the last 24 hours as investors process the sudden change in the bitcoin price that added some $50 billion to the overall cryptocurrency market over the weekend.
Ethereum and Ripple’s XRP have climbed sharply this week as the bitcoin and cryptocurrency industry comes together for one of the biggest events in the cryptocurrency calendar starting—Blockchain Week NYC and CoinDesk’s Consensus 2019 event, running all this week out of the New York Hilton Midtown.
Bitcoin and cryptocurrency analyst Nik Patel has meanwhile found that, historically, after bitcoin surges higher smaller cryptocurrencies such as ethereum and Ripple’s XRP generally rally hard in the aftermath.
“Of the previous four [alt coin] bear cycles, the average drawdown has been 69.7%. The current drawdown of this [altcoin] bear cycle is 66.5%. The average growth experienced across the past five [altcoin] bull cycles was 617%,” Patel said via Twitter, suggesting we could be about to see a further rise in the value of many so-called altcoins.
Meanwhile, analysts have been trying to understand XRP’s rapid rise over the last few days.
“It did take a while for XRP to join the party this time. Unlike some of the other large-cap altcoins, it did not get a chance to surge during the recent alt-season,” eToro’s senior market analyst Mati Greenspan wrote in a note to clients.
“On the other hand, it also didn’t see much of a plunge while the rest of the crypto market was going through capitulation back in November. Though it did fall during that timeframe, it did manage to hold firmly to its previous level of support at $0.25 per coin, thanks to a massive surge when the xRapid platform was released in September.”
Greenspan also warned bitcoin may see “some sort of pullback, or at least a consolidation,” after the week’s sudden surge, though he remains bullish based on “the overwhelming headlines we’ve seen indicating that mass crypto adoption may be around the corner.”
Ethereum was given a boost after ethereum cofounder Joe Lubin bet bitcoin developer Jimmy Song $500,000 worth of cryptocurrency that ethereum’s decentralized apps would have a non-trivial number of users in five years.
“It’s a maximum pain kind of bet,” Song said during a session of CoinDesk Live at Consensus 2019. “Skin in the game.”
This year headline speakers at Blockchain Week NYC and CoinDesk’s Consensus 2019 event include FedEx’s Fred Smith, Fidelity’s Abigail Johnson, Twitter and Square’s Jack Dorsey, chairman of the U.S. Securities Exchange Commission, Jay Clayton, and U.S. presidential hopeful, Andrew Yang.