Market Analysis: Total Crypto Market Cap up $3 Billion as Most Major Cryptocurrencies Rise, Ripple (XRP) Is the Big Winner Today With 10 Percent Rally

January 30, 2019 / by Zachary Mashiach

Bitcoin (BTC) has slowly risen throughout the day from $3,400 to $3,435, a one percent increase. In general, Bitcoin (BTC) has slowly been rising since dropping to $3,320 on Jan. 29. The support level appears to be between $3,300-$3,350, with another support level at the bear market minimum of $3,120 which was reached in mid-December. Beyond this, there is a psychological support level at $3,000.

There is likely resistance around $3,500-$3,600, which was the price of Bitcoin (BTC) following the CME Bitcoin futures expiration on Jan. 25. This is possibly the level where CME futures traders took up short positions since Bitcoin (BTC) has been bearish since the expiration. It is not known for certain if CME futures traders went short on Bitcoin (BTC) for February. A good test will be if Bitcoin (BTC) can increase above $3,550 or if it is pushed back when it approaches that level.

Ripple (XRP) has actually been leading the market today with a 10 percent rally. This rally has been sparked by news that SWIFT is partnering with R3’s Corda platform in a project called gpi Link.

Ripple (XRP) is integrated into Corda Settlement, which will be used in the gpi Link project, and it is not out of the realm of possibility that SWIFT could use Ripple (XRP) via Corda Settlement at some point although this hasn’t been confirmed.

Due to the rally, Ripple (XRP) now has a $13 billion market cap, according to CoinMarketCap. That’s a $1.7 billion lead over Ethereum (ETH). Recently Ethereum (ETH) had a higher market cap than Ripple (XRP), but Ripple (XRP) surpassed Ethereum (ETH) and has been widening its lead.

Most major cryptocurrencies are following Bitcoin (BTC) and Ripple (XRP) and seeing increases today. Ethereum (ETH) is up 2.6 percent, EOS is up 1.8 percent, Bitcoin Cash (BCH) is up 5.8 percent, Bitcoin SV (BSV) is up 2.5 percent, Litecoin (LTC) is up 2.2 percent, Stellar (XLM) is up 1.7 percent, Cardano (ADA) is up 2.6 percent, Monero (XMR) is up 0.9 percent, IOTA (MIOTA) is up 2.8 percent, Dash (DASH) is up 1.2 percent, and Dogecoin (DOGE) is up 1.8 percent.

Tron (TRX) is the only cryptocurrency down today, with a slight loss of 0.3 percent.

Buoyed by the broad surge in cryptocurrency prices the total cryptocurrency market cap has risen from $112.5 billion to $115.5 billion. Earlier the total cryptocurrency market cap went as high as $116.5 billion.

Overall, today saw some welcome gains across the crypto space, a good reprieve from the bear market declines that have dominated 2019. The crypto market is not yet out of the woods though. There’s no way to know that the bottom has happened until a long term consistent rally is underway.