Ah! Cryptocurrency. Will you ever cease to amaze investors with your volatility? When it’s bad, it can be very, very bad. But when it’s good… well, it’s confusing! Sometimes there is no real reason to see cryptos in green.
Across the top ten today most coins are in the green. But why? There has been no major news or catalyst to spur on such bullish behavior.
In the top five, Ripple (XRP) and Cardano (ADA) are leading cryptos in green, currently sporting a 4.38% and 3.78% gain respectively. So let’s see why investors are jumping for joy on these coins right now.
Cryptos in Green: Ripple (XRP)
Ripple did have some news which could account for the market leap. (Does this coin really have the power to pull the rest of the market along with it though?) Ripple announced yesterday that Ripple Labs’ xRapid project could debut in the next month, or so, and price climbed a whopping 20% in response.
So are today’s gains an extension of bullish sentiment from this exciting news? Perhaps.
It’s clear when looking at Coinmarketcap.com that Ripple is seeing a surge again since dropping in early September. Will it continue?
The only ‘story’ which may explain Cardano’s increase is Founder Charles Hoskinson’s recent visit to Mongolia. The coin’s founder told how he recently visited the country to discuss introducing blockchain technology to its government and business sectors.
Hoskinson took to Twitter to confirm the news and share a snap of his meeting with the Mongolian minister Damdin Tsogtbaatar. No specific details were released however, traders were only given the basics: “business,” “blockchain,” and “innovation.”
Could this be the news that has caused investors to move on Cardano? Further blockchain development? The foundation has been building blockchain pilots for impoverished nations.
Back in May, it signed a Memorandum of Understanding (MoU) with the Ethiopian Ministry of Science and Technology. If all goes to plan, then Cardano will train a new generation of blockchain developers in Ethiopia.
Let’s see if these crypto gains can continue. We may have a bullish week ahead.
Featured Image: Depositphotos/© peshkova