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October 4, 2022
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Bitcoin rises above $ 19,000 again and XRP plummets

It took less than a week for the most popular cryptocurrency, Bitcoin (BTC), to return above the $ 19,000 level, after trading close to $ 17,600 last Friday. Meanwhile, one of the main currencies with the best recent performance, XRP, remains in the top 10 in red today.

So far, BTC was trading at $ 19,278 and was up 4.5% in one day, erasing all weekly losses. The price has now gone up 17% in a month and 162% in a year.

Source: coinpaprika.com

Other currencies the top 10 club increased by 2% -4% in one day, except XRP which fell 4% to $ 0.51 and is now the worst performing currency in the last 7 days (-16%). Other major cryptoassets, except BTC, still fell in a week by 2% -6%.

As reported, it appears that major trades, whales and institutions that have accumulated BTC around $ 10,000 levels have decided to make profits during this hike, while retail trades have continued to increase their positions during the price hike, said the major crypto exchange OKEx in your last report. The result of this was that retail trades were stuck below $ 19,000, but given that the general market sentiment remains optimistic, its losses should be short-lived.

In addition, compared to the previous cycle, the largest cryptocurrency asset in the world appears to be “on the right track” and “the similarities between cycles are striking”, according with Delphi Digital, a crypto research company based in the United States.

Institutions’ movements last week

Meanwhile, on Friday, the American business intelligence company MicroStrategy confirmed which raised $ 650 million from the sale of senior convertible notes due in 2025 in order to buy more BTC. Also this week, it was disclosed the news that Massachusetts Mutual Life Insurance of America (also known as MassMutual) has purchased $ 100 million in bitcoins to add to its general investment fund.

Source: CryptoNews

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